Tissue Regenix delivers strong performance despite disruption caused by pandemic

Tissue Regenix is a medical devices company in the field of regenerative medicine which was spun-out from the University of Leeds.

The company's patented decellularisation technology removes DNA and other cellular material from animal and human soft tissue leaving a "tissue scaffold" which can then be used to repair diseased or worn out body parts.

The group secured a total revenue of £12.8m in 2020 which was in line with the previous year despite the impact of COVID-19.

The company said it had a strong cash position of £9.5m following a successful fundraising in June 2020 and its capacity expansion project continues on schedule.

The group said it was successful in securing a number of commercial opportunities throughout the year, most significantly in May, when a white label manufacturing agreement was concluded with a top 10 global healthcare company for the launch of a new soft tissue orthopaedic product.

In a statement, Tissue Regenix said: "The initial feedback for this product has been very positive and it is expected that sales traction will increase throughout 2021 as levels of procedures begin to normalise."

Daniel Lee, the chief executive of Tissue Regenix, commented: “The group returned a strong performance for 2020 against the challenging backdrop of the ongoing COVID-19 pandemic.

"We were successful in maintaining a sales line consistent with previous years and additionally securing further strategic partners and private label agreements in an industry where many companies experienced a downturn in demand as hospital resources were redirected.

"With two new products launched during the year and the commencement of our capacity expansion programme following the fundraise completed in June 2020, the group is well positioned to address market demand and new opportunities as market conditions normalise."