TISSUE Regenix, the company which grows replacement body parts, is working with partners to commercialise its heart and chronic wound research.
The York-based company uses animal and human tissue to replace damaged or worn out body parts.
Announcing a reduction in annual losses, the company said its aim is to become a global leader in regenerative medicine.
A £25m share placing last December has given the company the financial firepower to press ahead with a number of new products.
The first is the development of replacement heart valves and the group is in early stage discussions to develop commercial agreements with tissue banks.
Chairman John Samuel said: “Although at an early stage we believe these products have the potential to represent a tremendous advance in this field.”
The second is a pilot study of the use of human donor skin in the treatment of chronic wounds, which was initiated with its UK development partner NHSBT.
Mr Samuel said the work is at an early stage but it has produced promising results and it expects preliminary clinical data to be available towards the end of 2012.
A porcine donor version is also under examination.
The third is the commercialisation of a vascular patch which can be used in arteries in the thigh.
Tissue is talking to the FDA about its approval for use in the US and it is preparing the additional data the FDA has asked for.
The company is looking at how the vascular patch could be used to mend head and neck arteries.
Antony Odell, Tissue Regenix Managing Director, said: “Last year was a pivotal year for Tissue Regenix: the December 2011 fund raising, as well as providing a significant endorsement of the commercial potential of our innovative technology platform, has enabled us to progress simultaneously the development of a number of programmes addressing a range of different clinical needs in orthopaedics, cardiology, advanced woundcare and vascular medicine.
“We believe that the investment we have and continue to make in these areas will enable us to become a significant global player in regenerative medicine.”
In the year to January 31, pre-tax losses fell from £5.7m to £2.9m.
Mr Samuel said: “The chronic global shortage of donor tissue will result in clinical demand for products to address this issue continuing to increase.
“Tissue Regenix’s programmes in Cardiac, Orthopaedics, Vascular and Advanced Woundcare are ideally placed to provide long term solutions to replace and regenerate diseased or aging body parts.
“Markets like advanced wound care, which has estimated revenues of $5bn per year globally, continue to grow as conditions such as chronic wounds and diabetic foot ulcers place huge burdens on healthcare systems and are prime candidates for products based on our technology platform.”