A listed University of Leeds spinout which has fought for survival in recent months is to deepen its investigation into the actions of former directors.
Tissue Regenix Group, a regenerative medical devices company, recently left the London Stock Exchange after two decades following a chaotic 2025 which almost saw it enter insolvency.
In December the firm 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 (pictured), 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 were immediately suspended as it restated its 2024 revenue figures.
The listed company, at the request of LeCoque, also carried out a preliminary review of the executive directors’ activities during the preparation of the 2024 statutory accounts, it now says. This review uncovered potentially serious corporate governance concerns that merited further investigation.
“Now that sufficient funding has been secured to support the group’s ongoing commercial operations, the board seeks to understand the circumstances that led to the situation described above and the full extent of the corporate governance concerns identified,” it stated this morning.
“The board will undertake an investigation into these matters and will take appropriate action where this is in the best interests of shareholders, including making referrals to relevant authorities or regulatory bodies where such referral is warranted.”
Earlier this month Tissue Regenix 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.
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.