Tissue Regenix Group PLC Commencement of facility expansion plan (9489T)
July 24 2020 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 9489T
Tissue Regenix Group PLC
24 July 2020
Tissue Regenix Group plc
Commencement of facility expansion plan
Leeds, 24 July 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue
Regenix" or the "Group"), the regenerative medical devices company,
announces that following the recent completion of its successful
fundraising, the Company has commenced the first phase of its
planned manufacturing capacity expansion programme in San Antonio,
TX, which represents a key element of the Group's commercial
development plan.
The expansion programme will be split into several phases. The
first phase is expected to take approximately six months to
complete and will include the development of operational
capabilities in the new 21,000sq.ft building to house freezers and
distribution functions that will free up space for additional
sterile packaging clean rooms to be built in the existing facility.
The Board is also evaluating the possibility of combining some
elements of the later phases into this initial work in order to
minimise future potential disruption and the overall costs
associated with the expansion programme.
Demand for the Group's products, in particular the BioRinse
orthopaedic product portfolio, continues to grow and the first
phase will allow for an uplift of approximately 50 percent to the
Group's current BioRinse processing capacity.
Gareth Jones, Interim Chief Executive Officer of Tissue Regenix
Group, commented:
"I am delighted to confirm the commencement of the first phase
of our investment and expansion plan. Not only do we expect this
investment to provide the additional capacity required to
efficiently scale our business and drive further commercial growth,
it will also increase the number of patients who can benefit from
our broadening product portfolio."
For more Information:
Tissue Regenix Group plc
Caitlin Pearson, Head of Communications Tel: 0330 430 3073
------------------------------------------ ---------------------
Stifel Nicolaus Europe Limited (Nominated Tel: 0207 710 7600
Adviser and Broker)
Alex Price / Ben Maddison
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FTI Consulting Tel: 0203 727 1000
Simon Conway / Victoria Foster Mitchell
/ Mary Whittow
========================================== =====================
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. Tissue Regenix was formed in 2006 when it
was spun-out from the University of Leeds, UK. The company's
patented decellularisation ('dCELL(R) ') technology removes DNA and
other cellular material from animal and human soft tissue leaving
an acellular tissue scaffold which is not rejected by the patient's
body and can then be used to repair diseased or worn out body
parts. Current applications address many critical clinical needs
such as sports medicine, heart valve replacement and wound
care.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States - 'Tissue Regenix Wound Care Inc.',
January 2016 saw the establishment of joint venture GBM-V, a multi-
tissue bank based in Rostock, Germany.
In August 2017 Tissue Regenix acquired CellRight Technologies(R)
, a biotech company that specializes in regenerative medicine and
is dedicated to the development of innovative osteoinductive and
wound care scaffolds that enhance healing opportunities of defects
created by trauma and disease. CellRight's human osteobiologics may
be used in spine, trauma, general orthopedic, foot & ankle,
dental, and sports medicine surgical procedures.
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END
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