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Tissue Regenix begins capacity expansion in Texas
24th Jul 2020 13:04
(Sharecast News) - Regenerative medical devices company Tissue Regenix Group announced on Friday that after its recent fundraising, it had started the first phase of its planned manufacturing capacity expansion programme in San Antonio, Texas.
The AIM-traded firm said the expansion programme was a "key element" of its commercial development plan.
It said the programme would be split into several phases, with the first expected to take around six months, which would include the development of operational capabilities in the new 21,000 square foot building to house freezers and distribution functions.
That would free up space for additional sterile packaging clean rooms in the existing facility.
The board said it was also evaluating the possibility of combining some elements of the later phases into the initial work, in order to minimise future potential disruption and the overall costs associated with the expansion programme.
Demand for the group's products, in particular the BioRinse orthopaedic product portfolio, was continuing to grow, and the first phase would allow for an uplift of around 50% to the group's current BioRinse processing capacity.
"I am delighted to confirm the commencement of the first phase of our investment and expansion plan," said interim chief executive officer Gareth Jones.
"Not only do we expect this investment to provide the additional capacity required to efficiently scale our business and drive further commercial growth, it will also increase the number of patients who can benefit from our broadening product portfolio."
At 1141 BST, shares in Tissue Regenix were down 1.91% at 0.33p.
The AIM-traded firm said the expansion programme was a "key element" of its commercial development plan.
It said the programme would be split into several phases, with the first expected to take around six months, which would include the development of operational capabilities in the new 21,000 square foot building to house freezers and distribution functions.
That would free up space for additional sterile packaging clean rooms in the existing facility.
The board said it was also evaluating the possibility of combining some elements of the later phases into the initial work, in order to minimise future potential disruption and the overall costs associated with the expansion programme.
Demand for the group's products, in particular the BioRinse orthopaedic product portfolio, was continuing to grow, and the first phase would allow for an uplift of around 50% to the group's current BioRinse processing capacity.
"I am delighted to confirm the commencement of the first phase of our investment and expansion plan," said interim chief executive officer Gareth Jones.
"Not only do we expect this investment to provide the additional capacity required to efficiently scale our business and drive further commercial growth, it will also increase the number of patients who can benefit from our broadening product portfolio."
At 1141 BST, shares in Tissue Regenix were down 1.91% at 0.33p.