First Day of Dealings

RNS Number : 3731O

Tissue Regenix Group PLC

29 June 2010

 



Tissue Regenix Group Plc

("Tissue Regenix" or "the Company")

First Day of Dealings

Tissue Regenix, (AIM: TRX) a medical technology company focused on the development and commercialisation of acellular tissue replacement products to address the chronic global shortfalls in donor tissue availability, announces that it has joined the AIM market of the London Stock Exchange  today via a reverse takeover of Oxeco Plc.  This follows the passing on 28 June 2010 of the resolutions relating to Oxeco's acquisition of Tissue Regenix Ltd.

First day dealings on AIM of Ordinary Shares  in Tissue Regenix commence today at 8 a.m.

Transaction highlights:

·      Gross proceeds of the placing of £4.5 million following which the Enlarged Group will have net funds of approximately £7.4 million

·      Following Admission, the Continuing Board will comprise John Samuel as Executive Chairman, Antony Odell as Managing Director, Michael Bretherton as Finance Director and Alan Miller, Alex Stevenson and Alan Aubrey as Non-Executive Directors

·      The Enlarged Issued Share Capital on Admission will be 466,712,800 New Ordinary Shares

About Tissue Regenix

Tissue Regenix uses its proprietary technology platform, dCELL®, to remove cells and other components from human and animal tissue allowing them to be used without anti-rejection drugs to replace worn out or diseased body parts.

The proceeds of the listing will be used to advance Tissue Regenix's strategy of using its core dCELL® Technology as a platform to develop a range of products to deliver solutions to unmet clinical needs, using the established medical device regulatory pathway. The three priority markets for the application of the technology are Vascular, Cardiac and Orthopaedics.

Tissue Regenix's lead product is the dCELL® Vascular Patch, intended to be permanently implanted into the human body for vascular repair. The company intends to start marketing the dCELL® Vascular Patch in Europe during the second half of 2010. The next product on which Tissue Regenix intends to focus is the dCELL® Meniscus, for the repair of damaged knee meniscus. Tissue Regenix will commit a significant proportion of the new funds towards the further development of the dCELL® Meniscus and the securing of regulatory approval for marketing.

John Samuel, Tissue Regenix's Chairman, said: "The successful completion of this listing in such testing market conditions underlines the strength of our technology and the size of the market opportunity.  We now have the capital required to use our dCELL® platform to capitalise on the growing global demand for regenerative medical devices."

The terms used in this announcement have the same meaning as in the admission document.

Contact 

Antony Odell Tissue Regenix Group plc www.tissueregenix.com	[phone]
Sarang Shah ZAI Corporate Finance Ltd	[phone]
Ben Atwell / John Dineen                                                  Financial Dynamics	[phone]

 

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