Leeds University spin-out Tissue Regenix has successfully raised £25m through a share placing that will be used to invest in further research and development.
It is reported that Tissue Regenix hopes to create around 30 specialist jobs as a result.
Tissue Regenix’s dCELL technology is based on licensed patents arising from EPSRC-funded research at Leeds conducted by founding directors Prof John Fisher and Prof Eileen Ingham. The process is said to remove cells and other components from human and animal tissue, and allows them to be used to replace worn-out or diseased body parts — without the need for anti-rejection drugs.
In August this year, Tissue Regenix, which floated on the AIM market of the London Stock Exchange in August 2010, was described by City analyst Peel Hunt as ‘one of the most exciting medical device opportunities’. Following placement and completion of the investment, the market capitalisation of the Tissue Regenix Group will be between £90 and £100m.
The successful fundraising follows a major Queen’s Anniversary Prize awarded to the EPSRC-funded Institute of Medical and Biological Engineering (IMBE) at Leeds University.
The IMBE, led by professors Fisher and Ingham, is claimed to be the UK’s leading bioengineering research institution. It has pioneered research into joint replacements, spinal interventions and tissue engineering, and has created new products and therapies in use by surgeons in clinics and hospitals around the world.