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Tissue Regenix shares rise as secures US patent for knee repair device

Last updated: 04:58 25 Nov 2014 EST, First published: 05:58 25 Nov 2014 EST

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Tissue Regenix (LON:TRX) shares headed north as its US strategy was boosted with confirmation it will be granted a patent for its dCELL meniscus to aid knee repairs.

The device will be used to repair damage from 'tears' in the meniscus knee cartilage as a result of acute injury such as sports injuries. The firm is currently developing the process and is starting a human clinical trial in the EU to gain a CE mark.

The global sports medicine market was estimated at US$6.1bn in 2012, with North America said to account for the largest share at just under US$2.5bn.

Today's news is the latest US patent covering the use of Tissue's dCELL decellularisation process and follows the announcement in May that a patent, related to the bladder, had also been granted.

Tissue's chief executive Antony Odell told investors: "This meniscus patent marks an important step forward in our US strategy as it defines our intellectual property for both human & animal tissue meniscus products in the world's largest market for sports medicine.

"It enables us to pursue, with confidence, the second phase of the roll-out of the group's US human tissue strategy following the successful launch of DermaPure in June 2014."  

This summer, the medtech group received regulatory approval to start the first UK clinical trial of the device to aid knee repairs, paving the way towards gaining EU clearance, including the all-important CE Mark.

Tissue shares gained 2.72% to 23.625p each.

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