Additional US government-backed loan secured

RNS Number : 1128K

Tissue Regenix Group PLC

20 April 2020

 

This announcement contains inside information

Tissue Regenix Group plc

Additional US government-backed loan secured

Leeds, 20 April 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue Regenix", the "Group" or the "Company"), the regenerative medical devices Company, announces that the Group has received a further $417,000 loan (the "Loan") under the US government backed COVID-19 business support scheme.  The funds in respect of the Loan have already been received by the Company.

This funding is in addition to the receipt of a US government-backed loan of $629,000, announced on the 15 April 2020, and combined, offer over $1m of US government support during the COVID-19 pandemic.

Both Loans are subject to the same conditions, which include a two-year term and carry a 1% annual interest rate deferred for six months. However, under the Loan agreements, the principal will not require repayment if the funds are used to support employee payroll, healthcare, utilities and rent payments within the US during the next two months. The Company intends to use the funds to support these activities and therefore expects the Loan not to require repayment. 

Following receipt of the Loan, the Board now expects that the Group's current cash runway will extend at least until after the first week of August.

The person responsible for this announcement is Gareth Jones, Interim CEO.

For more Information:

Tissue Regenix Group plc Caitlin Pearson   Head of Communications	Tel: [phone]
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Jonathan Senior / Alex Price / Ben Maddison	Tel:  [phone]
FTI Consulting  Simon Conway / Victoria Foster Mitchell / Mary Whittow	Tel: [phone]

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^®') 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^®, 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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