York regenerative medicine firm to raise £20 million in placing
York-based regenerative medicine firm Tissue Regenix has proposed a placing of new Ordinary Shares in an effort to raise £20 million towards the development of new products.
Tissue Regenix has patented “dCELL” technology which uses animal and human tissue to create a tissue scaffold which can be used to repair diseased or worn out body parts.
Further products are in development, including applications for meniscus repair, ligament repair and heart valve replacement.
The proceeds of this fund-raising will be used to allow the development and launch of these new products, and to expand the direct salesforce for DermaPure in the US.
Antony Odell, chief executive of Tissue Regenix, commented: “Our latest fundraising represents a milestone for the company. Having launched our first product, the time has now come to build up our US direct sales network to ensure we build coverage of hospitals in this key market.
“Initial responses by potential customers to DermaPure have been extremely positive and we are very excited by the potential that this product offers.
“In addition, we have new products and applications in development, that give us the potential to address new markets - including knee injury - which have massive potential. This fundraising will allow us to achieve these goals.”
This was posted in Bdaily's Members' News section by Clare Burnett .
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