TISSUE Regenix, the company which grows replacement body parts, has been given the go-ahead 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 will be used to fund the development of medical applications.
Proposals to raise the cash were passed at a General Meeting yesterday. Application has been made for the shares to trade on AIM today.
John Samuel, 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.
“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.