Tissue Regenix to launch investigation as ‘potentially serious corporate governance concerns’ discovered
Yorkshire firm Tissue Regenix has announced that it is set to undertake an investigation into the circumstances which led to it being on the brink of collapse late last year.
In October, Tissue Regenix announced that it had discovered “financial inaccuracies” in its most recent annual results, leading to the company restating its adjusted EBITDA from profit of $1.9m to a loss of $1m.
A month later, the company announced that it was launching an “urgent” fundraise, stating that it would be unable to continue trading unless it raised around £5m. It added at the time that it had become clear the firm had “very limited cash balances” as well as a “substantial backlog of creditors”.
In an announcement to the London Stock Exchange this morning, Tissue Regenix said that sufficient funding had now been secured to support the group’s ongoing commercial operations.
The firm, which was founded as a spin-out from the University of Leeds, added that it was now set to launch an investigation into how the situation occurred.
It said: “Tissue Regenix Group Ltd [...] confirms that its board, at the request of Jay LeCoque executive chairman, has carried out a preliminary review of the executive directors' activities during the preparation of the 2024 statutory accounts that were released on 25 June 2025 through the subsequent restatement of earnings that occurred in October 2025.
“The preliminary review included examining the Company's financial statements and related documents. This review uncovered potentially serious corporate governance concerns that merited further investigation.
“Now that sufficient funding has been secured to support the Group's ongoing commercial operations, the board seeks to understand the circumstances that led to the situation described above and the full extent of the corporate governance concerns identified.
“The board will undertake an investigation into these matters and will take appropriate action where this is in the best interests of shareholders, including making referrals to relevant authorities or regulatory bodies where such referral is warranted.”
Earlier this month, Tissue Regenix announced that it had cancelled its trading on the London Stock Exchange as it continued in its bid to recover. The company also launched a secondary market trading facility through Asset Match.
The firm’s shares had been suspended since its initial announcement on the situation.
October also saw Tissue Regenix’s newly appointed executive chairman, Jay LeCoque, take over as acting CEO.
It came just over a month after Mr LeCoque joined the company.
In a statement issued alongside the announcement of his appointment, Mr LeCoque said: "Since joining the Group just 40 days ago on 7 September, we have undertaken significant changes to improve our financial, operational and commercial performance.
“I am aware that this restatement has caused immediate concerns for our shareholders and our priorities remain focused on delivering a sustained recovery for the business.
“The board remains confident that by executing on these plans, we can deliver on the group's potential to develop a great business that creates meaningful value for both patients and shareholders.”
Tissue Regenix also announced in December that it had conditionally raised £17.5m, before expenses, adding that it expected to “remain solvent” assuming certain conditions are met.