Tissue Regenix Group PLC Initial phase of US facility expansion complete (6080S)
March 18 2021 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 6080S
Tissue Regenix Group PLC
18 March 2021
Tissue Regenix Group plc
("Tissue Regenix" or "the Group")
Initial phase of new US facility expansion complete
Increase of the Company's manufacturing footprint in 21,000 sq.
ft facility
Leeds, 18 March 2021 - Tissue Regenix (AIM: TRX), the
regenerative medical devices company, announces the completion of
the initial phase of its expansion plan at the Company's San
Antonio Texas facility. As previously disclosed, the Company had
secured a ten-year lease on a 21,000 sq. ft facility adjacent to
its existing facility to address manufacturing capacity
constraints.
The initial part of Phase one of the expansion project, which
has now been completed, comprised of relocating facilities
designated for distribution and frozen tissue storage, both of
which had outgrown their existing space in the San Antonio
facility. The new freezer facility triples the Company's current
storage capacity allowing Tissue Regenix to hold more donor tissue
onsite. The new distribution area enables the Company to integrate
distribution and finished goods into a more efficient operating
space.
Work has also started on the development of two additional clean
rooms at the existing San Antonio facility, which will bring the
total number of clean rooms to seven, as well as the expansion
space for supporting departments. These developments, which will
complete Phase one of the expansion project, are scheduled for
completion during H1 2021.
Daniel Lee, Chief Executive Officer, of Tissue Regenix Group plc
said: " The addition of our new facility, adjacent to our original
site, is welcome as it provides the Group the opportunity to grow
with added flexibility. Our choice to do this in phases was
advantageous by enabling us to be efficient with our capital and
plan our expansion in line with the challenges our industry has
faced with the COVID-19 pandemic. We are confident that demand
exists to justify these capacity expansions and are looking forward
to updating shareholders as the expansion project progresses."
For more Information:
Tissue Regenix Group plc www.tissueregenix.com
David Cocke, Chief Financial Officer Via Walbrook PR
Stifel Nicolaus Europe Limited (Nominated Tel: +44(0)20 7710
Adviser and Broker) 7600
Ben Maddison / Alex Price
Walbrook PR Ltd Tel: +44 (0)20 7933
Alice Woodings / Lianne Cawthorne / Paul 8780
McManus TissueRegenix@walbrookpr.com
About Tissue Regenix ( www.tissueregenix.com )
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human soft tissue leaving an acellular tissue
scaffold which is not rejected by the patient's body and can then
be used to repair diseased or worn-out body parts. Current
applications address many critical clinical needs such as sports
medicine, heart valve replacement and wound care.
In August 2017 Tissue Regenix acquired CellRight
Technologies(R), a biotech company that specializes in regenerative
medicine and is dedicated to the development of innovative
osteoinductive and soft tissue scaffolds that enhance healing
opportunities of defects created by trauma and disease. CellRight's
human osteobiologics may be used in spine, trauma, general
orthopaedic, foot & ankle, dental, and sports medicine surgical
procedures.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCMZGMFDNFGMZM
(END) Dow Jones Newswires
March 18, 2021 03:00 ET (07:00 GMT)
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From Apr 2023 to Apr 2024