Insider Media Limited

York-based Tissue Regenix, which designs animal or human tissue products to replace body parts, believes it is making "good progress" on commercialising its technology.

In an update to the Stock Exchange, the company said it had entered a commercialising and IP agreement with partners in Brazil providing worldwide rights (excluding Brazil) for the use of its dCELL process in human heart valves.

In addition, its patent for orthopaedic development programme dCELL Meniscus was granted.

The company's balance sheet shows a pre-tax loss of £1.3m, caused by ongoing product investment and low turnover of £108,000, which was largely grant money.

Antony Odell, Tissue Regenix managing director, said: "Tissue Regenix has continued to build on last year's achievements by further adding to our clinical data in support of the dCELL platform as well as concluding a deal with our Brazilian development partners that will enable us to develop our technology faster and more cost effectively.

"Additionally, through this deal we have opened up new opportunities with the acquisition of the global rights (excluding Brazil) to a pipeline of innovative products, including a number of potential near-term revenue generating opportunities.

"A registry study is being set up in the UK to provide clinical support for the dCELL Vascular Patch which was showcased at the European society of Vascular Surgery in Athens in September.

"With exciting new products in development and a healthy financial position, we believe we are well positioned for growth within the exciting regenerative medicine space."