Leeds-based medical device company Tissue Regenix has warned that it may cease operations by the end of November if it does not secure new funding. The company is seeking around £5m through a convertible loan note and is currently in discussions with major shareholders to obtain support.
The funding crisis follows a restatement of its 2024 financial results after a review uncovered inaccuracies in year-end inventory and cost of sales. The adjustment reversed an initially reported adjusted EBITDA of $1.9m to a $1m loss. The same issue affected its 2025 half-year results, shifting from an expected $200,000 profit to a $2.3m loss.
In October, chief executive Daniel Lee departed the board, with executive chairman Jay LeCoque assuming the role of acting CEO. Shares were suspended from AIM to assess the company’s financial position, which has since been described as constrained by a significant backlog of creditors and low cash reserves.
The proposed capital raise remains subject to shareholder approval. If unsuccessful, Tissue Regenix has indicated it will be unable to continue trading beyond the end of November.
