The manufacturing agreement follows a collaboration between the research and development (R&D( teams of both companies to develop a new product using one of the Tissue Regenix’s proprietary technologies to address orthopaedic soft tissue repairs.
Processing for the product has begun, and initial orders have been received.
Tissue Regenix said it expects the newly developed product line will make a material contribution to its revenue growth over the next couple of years.
This new product line is complementary to the other soft tissue products processed at the San Antonio facility, and due to operational efficiencies implemented, it is not expected that there will be any impact on the current processing levels of other product lines.
The company also announced that it signed further distribution agreements in the first quarter of this year with a number of selected partners to expand the market penetration of its AmnioWorks, Matrix OI, and DentalFix brands in areas such as ocular, spinal, and dental, where there is an increasing demand for the differentiated product lines.
"This exciting opportunity will allow Tissue Regenix to drive its commercial strategy forward and ensure the continued growth of the business with minimal impact to our existing strategic partners and customer base,” said Gareth Jones, the interim chief 3executive officer of Tissue Regenix.
“Securing these important partnerships and distribution agreements underscore the differentiation of, and increasing market demand for, our products; providing further validation of the exciting growth potential for the business once we have completed the planned expansion of our processing capacity," he added.