Tissue Regenix reduces losses

The York-based group, which was spun out of Leeds University, uses its unique technology, dCELL, to removes cells from human and animal body parts to create a scaffold which can be used to replace worn out or diseased body parts, without the need for anti-rejection drugs.

The company joined the AIM market earlier this year through a reverse takeover of Oxeco and raised 4.5m through a placing that it is using to develop its product pipeline.

In its first report as a public company today, Tissue Regenix said it had cut pre-tax losses from 900,000 to 700,000 for the six months to July. Revenues grew from 15,000 to 112.000.

Managing director Antony Odell said: "The first half of 2010 has been an exciting period for Tissue Regenix.

"We are now able to commence marketing our first product and have a highly promising pipeline of developments to follow.

"We are well positioned to achieve our goal of building a global leader in the field of regenerative medical devices and we look forward with confidence to delivering strong long-term growth for shareholders."

The company is planning to develop a product using dCELL technology that will help surgeons repair damaged knees.