What it does
Regenerative medical devices maker Tissue Regenix PLC (LON:TRX) has products spanning wound care, orthopaedics and cardiac applications, which are based on two proven technologies.
The first, dCELL, removes cellular and DNA material from biological tissues, leaving intact a scaffold upon which the patient's cells can regenerate and re-populate.
The AIM-listed company, which was spun out from the University of Leeds in 2006, uses dCELL Technology in its DermaPure product for the healing of chronic wounds.
The other technology, BioRinse, does a similar job, killing micro-organisms, bacteria and spores as well as removing debris, blood, bone marrow and lipids.
It is key to the process used to create regenerative scaffolds used by surgeons developed by CellRight – the Texas-based biotech Tissue Regenix bought in August 2017.
CellRight provides osteobiologics for use in orthopaedic, spine and foot, and ankle procedures to enhance healing of defects caused by trauma or disease.
How it is doing
In June its OrthoPure XT product received the CE marking for revision of the anterior cruciate ligament following re-rupture and also permits use for the reconstruction of other knee ligaments, including multi-ligament procedures following trauma.
It also received over US$1mln in US government aid during the pandemic, while it raised £14.6mln via a placing of shares to fund the group's manufacturing capacity expansion programme.
Revenues for the first quarter rose 18% despite a cyberattack on its facility in San Antonio, Texas.
For the year ended December 31, the regenerative medicine specialist posted a 12% rise in revenues to £13.03mln and narrowed its operating loss to £7.2mln from £8.69mln in the prior year.
What the boss says: Gareth Jones, interim chief executive
"Whilst sales were not materially impacted during the first quarter, where we delivered 18% year-on-year growth, the board is unable to provide clarity on the financial outlook for 2020 until there is greater visibility around the impact of the COVID-19 pandemic in the market."
"During 2019, recognising the need to optimise our supply chain and processes to address various operational challenges and support the growing demand for our products, we concentrated efforts on implementing a number of efficiency improvements which manifested in donor throughput more than doubling between Q1-Q4 2019 at the facility in San Antonio."