A listed University of Leeds spinout is in danger of going under this month.
Tissue Regenix Group appointed a new leadership team in October following the discovery of errors in previously reported revenues. Trading in its shares on London’s AIM market has also been suspended as it plans to restate its 2024 revenue figures.
The firm, a regenerative medical devices company, has reported a $1 million loss for last year after previously reporting a $1.9m profit after rectifying “financial inaccuracies” in its inventory and cost of sales. Its half-year 2025 results now show an EBITDA loss of $2.3m.
Chief executive Daniel Lee stepped down with immediate effect, while executive chairman Jay LeCoque, who only recently joined the group, took over as acting CEO. Kirsten Lund was also reappointed as CFO.
After reviewing the company’s finances, Tissue Regenix Group said this morning they had uncovered a “substantial backlog of creditors and very limited cash balances”.
“Accordingly, the company has an urgent need to raise capital by the end of November. Without additional funding the Company will not be able to continue to trade,” it warned.
“The company is in discussion with its major shareholders and has clear indications of support to raise approximately £5m by way of a convertible loan note. Any fundraise will be subject to shareholder approval.”
Founded in 2006, Tissue Regenix Group’s technologies dCELL and BioRinse are complementary bone and soft tissue platforms. dCELL 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.
In November 2012 the firm set up a subsidiary company in the United States then in 2016 established a joint venture GBM-V, a multi- tissue bank based in Rostock, Germany.
In 2017 it acquired CellRight Technologies, a BioTech company that specialises in regenerative medicine used in spine, trauma, general orthopedic, foot & ankle, dental, and sports medicine surgical procedures.
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