Tissue Regenix will raise £25 million ($39 million) through a share placing, leading to the potential creation of 30 jobs in the U.K.
Tissue Regenix was incorporated in May 2006 to commercialize the research of University of Leeds professors Eileen Ingham and John Fisher in the field of tissue decellularization. Its dCELL technology comprises a process that removes cells and other components from human and animal tissue, allowing it to be used to replace worn out or diseased body parts.
The company is looking at sites in York and Leeds for expansion, managing director Antony Odell told The Press. Within the next 6 months or so, the company hopes to identify the site.
"We have been looking for a while, because we have to look at the further expansion of the company and make sure any site suits us for the future," Odell said, as quoted by the paper.
Tissue Regenix Chairman John Samuel said the money will allow the company "to develop a range of products simultaneously following the established medical device regulatory route, [and] this commitment from both existing and new investors is a significant endorsement of the commercial potential of our broad product pipeline," according to the Post.