Tissue Regenix Group PLC Relocation of UK office and manufacturing facility (2534W)
August 17 2020 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 2534W
Tissue Regenix Group PLC
17 August 2020
Tissue Regenix Group plc
Relocation of UK head office and manufacturing facility
Leeds, UK, 17 August 2020 - Tissue Regenix Group (AIM:TRX)
("Tissue Regenix" or the "Group"), the regenerative medical devices
company, announces the relocation of the Company's UK head office
and manufacturing facilities to Garforth, Leeds, in November
2020.
The strategic decision to relocate the Company's UK operations
from nearby Swillington, Leeds, was made as part of the ongoing
overhead cost saving initiatives being implemented by Tissue
Regenix and is expected to reduce the Group's overhead spend by
over GBP400,000 on an annualised basis from 2021.
As part of the relocation programme, the Group will outsource
elements of the production cycle relating to testing and packaging,
but will retain its processing capabilities including the
manufacturing of OrthoPure(R) XT.
Gareth Jones, Interim Chief Executive Officer of Tissue Regenix,
commented:
"We remain committed to reducing our overhead cost base to drive
us towards a position of break-even. Following a review of our
near-term activity, this relocation will allow us to reduce our
manufacturing footprint and associated costs, whilst importantly
protecting the supply of our products. We also remain within the
Leeds and York area to continue to support our local community and
retain our valuable employee base. I am pleased we have
successfully identified an action plan that addresses these
criteria."
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)
Ben Maddison / Alex Price
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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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