Tissue Regenix PLC (LON:TRX) has raised £14.6mln via a placing of shares at 0.25p each to fund the group's manufacturing capacity expansion programme in the US, which is commencing immediately, and for general working capital purposes.
In total, 5.85bn new shares were issued via the placing and share subscription while a further 800mln shares were taken up by retail and other private investors through the PrimaryBid.com platform at the same price, raising an additional £2mln.
Gareth Jones, the interim chief executive officer of Tissue Regenix, expressed delight at the support shown by both new and existing investors.
“We continue to experience strong demand for our products. This injection of additional capital will allow for the commencement of the planned manufacturing capacity expansion in the US enabling us to increase the output of our San Antonio facility, unlock additional revenues and realise new partnership opportunities we foresee potentially emerging,” Jones said in a statement.
“Not only do we expect this investment to provide the capacity required to scale our business and drive our commercial success, it will also increase the number of patients who can benefit from our broadened product portfolio," he added.
Shares in Tissue Regenix closed at 0.97p last night.