TISSUE REGENIX, the regenerative medical devices company, reported an operating loss of £8.4m last year as it ploughed money into US commercial activities and product development.
The York-based business said the loss was as expected for the year ending January 2015.
Tissue Regenix reported a loss of £6.6m in 2013. The group has a cash balance of £10.3m.
The group raised £19m in a share placing at the end of the year.
During 2014, it launched its DermaPure product in the US acute care chronic wound market and deployed a salesforce to work alongside a distributor network.
Antony Odell, chief executive, said Tissue Regenix made “real progress” during the year.
He said: “We are delighted, not only with the continued drive towards the commercialisation of DermaPure, but also the highly encouraging early-stage results from our portfolio of other products.”
Tissue Regenix was formed in 2006 when it was spun-out from Leeds University.