Tissue Regenix, the Leeds-based life sciences business, has raised £14.6 million via its latest fundraising to increase its manufacturing capacity.
Due to “significant excess demand”, the firm had to increase the size of the fundraise.
The proceedswill be used to fund an expansion of the group’s manufacturing capacity in the US. About £5m will go towards general working capital to support growth.
“We are extremely pleased with the support shown by both new and existing investors as part of this Fundraise. We continue to experience strong demand for our products,” said interim CEO Gareth Jones.
“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.
“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.”