Tissue Regenix, which uses animal and human tissue to replace damaged human body parts, hopes to raise £20m from shareholders to develop and launch a range of new products.
The York-based group said the cash will help it launch new applications for meniscus repair, ligament repair and heart valve replacement as well as expand the direct salesforce for DermaPure in the US.
Over the past six months the group has been rolling out its dCELL DermaPure product in the US.
The firm’s dCELL decellularisation process removes DNA and other cellular material from animal and human tissue leaving a tissue scaffold which is not rejected by the patient’s body. This can then be used to repair diseased or worn-out body parts.
Chief executive Antony Odell said: “Our latest fundraising represents a milestone for the company.
“Having launched our first product, the time has now come to build up our US direct sales network to ensure we build coverage of hospitals in this key market.”
He added that the initial response to DermaPure has been extremely positive and the group is very excited by its potential.
“In addition, we have new products and applications in development that give us the potential to address new markets - including knee injury - which have massive potential. This fundraising will allow us to achieve these goals,” he said.