Tissue group propses AIM move

A TISSUE development firm spun out of the University of Leeds today announced a proposed move to the stock market via the reverse takeover of AIM-listed Oxeco.

York-based Tissue Regenix, a medical technology company focused on developing and selling acellular tissue replacement products to address a global shortfall in donor tissue availability, said it has raised 4.5m of new funds though a placing to fund its proposed move to AIM.

It wants to begin trading on the junior market by the end of the month.

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Tissue Regenix uses its proprietary technology, dCELL, to remove cells and other components from human and animal tissue allows them to be used replace worn out or diseased body parts, without the need for anti-rejection drugs. It will use the proceeds of the listing to develop dCELL, which it said has applications in vascular, cardiac and orthopaedic medicine.

The group's main product is the dCELL Vascular Patch, which is permanently implanted into the human body for vascular repair. The company intends to start marketing the dCELL Vascular Patch in Europe during the second half of 2010.

It then plans to focus on dCELL Meniscus, for the repair of damaged knee meniscus.

John Samuel, Tissue Regenix's chairman, said: "The new board looks forward to completing this listing which will give us access to the capital required to use our dCELL platform to capitalise on the growing global demand for regenerative medical devices."

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Antony Odell, Tissue Regenix's managing director, said: "The successful completion of the listing in difficult market conditions will highlight the strength of our technology and the size of the market opportunity."

Tissue Regenix was incorporated in May 2006 to commercialise the research of the University of Leeds.

Professor John Fisher, a key scientist behind the technology, said: "Currently the focus of our research is on biological scaffolds for tissue repair in the cardiovascular and musculoskeletal system. This forms part of our wider research portfolio which is aimed at addressing the expectations of the ageing population for 'fifty active years after the age of fifty'."

Technology firm Oxeco was admitted to AIM in December 2006.