TISSUE Regenix, the company which grows replacement body parts, is to raise £25m through a share placing, which could lead to the creation of a further 30 jobs in Yorkshire.
The York-based spin-out uses animal and human tissue to replace damaged or worn out body parts. The proceeds of the placing will be used to fund the development of future medical applications.
John Samuel, who is the chairman of Tissue Regenix, said: “We are delighted to announce this material funding round which will transform our balance sheet and will provide us with the firepower to leverage our innovative technology platform.
“As well as allowing the company to develop a range of products simultaneously following the established medical device regulatory route, this commitment from both existing and new investors is a significant endorsement of the commercial potential of our broad product pipeline.”
He added that the expansion could result in the creation of up to 30 high quality medical technology jobs in Yorkshire.