A listed University of Leeds spinout in danger of going insolvent has left the London Stock Exchange after two decades.
In December Tissue Regenix Group secured $500,000 in emergency funding to help it to remain afloat, having appointed a new leadership team in October following the discovery of errors in previously reported revenues.
Tissue Regenix reported a $1 million loss for 2024 after previously reporting a $1.9m profit after rectifying “financial inaccuracies” in its inventory and cost of sales. Its half-year 2025 results showed an EBITDA loss of $2.3m.
After reviewing the company’s finances, Tissue Regenix Group said on the 7th November that it had uncovered a “substantial backlog of creditors and very limited cash balances”.
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.
Trading in its shares on London’s AIM market have been suspended since that time as it restated its 2024 revenue figures.
Following approval at a shareholder meeting just before Christmas, the regenerative medical devices company has today cancelled the admission to trading on AIM of its ordinary shares.
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The company has appointed a secondary market trading facility, Asset Match, to facilitate trading in its shares. Asset Match, a firm authorised and regulated by the Financial Conduct Authority, will operate an electronic off-market dealing facility for these.
“The facility will allow existing holders of ordinary shares and new investors to trade shares by matching buyers and sellers through periodic auctions,” it stated.
“New investors and existing Shareholders are encouraged to register on www.assetmatch.com and add Tissue Regenix to their ‘Watchlist’ to continue to receive Company updates and auction/price information.”
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.
It floated on New Year’s Eve in 2006 with a share price of 2,500p.