Tissue Regenix announce further $417,000 loan

Medical device developer Tissue Regenix has received a $417,000 loan under the US government backed COVID-19 business support scheme.

The Leeds-based regenerative medical devices company said the funding is in addition to the receipt of a US government-backed loan of $629,000 announced on April 15.

The funds combined offer over $1m of US government support during the COVID-19 pandemic.

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Join our new coronavirus Facebook group for the latest confirmed news and advice as soon as we get it www.facebook.com/groups/yorkshirecoronavirus 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.

Tissue RegenixTissue Regenix
Tissue Regenix

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 announcement was made by Gareth Jones, Interim CEO.

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