StockMarketWire.com - Regenerative medical devices company Tissue Regenix Group booked a full-year loss, as administrative and sales costs more than offset a rise in revenue.

Pre-tax losses for the year through December amounted to £8.9m, compared to losses of £10.8m on-year.

Revenue more than doubled to £11.6m, up from £5.2m on-year.

'The company exited 2018 with a positive momentum and believes it can deliver continued growth in 2019 and beyond,' Tissue Regenix said.

'This growth will be driven by its revised focus on the development of strategic partnerships, identified opportunities in additional geographic territories, and additional product launches in its pipeline.'

'The company continues to trade in line with management expectations for 2019, with a significant weighting towards the second half of the year.'

The company also announced that it had secured credit facilities of up to $20m with with MidCap Financial Trust.

Funding of $10.5m was initially available to the company, of which it planned to draw down $7.5m immediately.

The initial net proceeds would be used to invest in additional capital expenditure to sustain future business growth.

They would also be used to generate further clinical and economic data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes.

Interest on the outstanding balance of the term loan would be payable at an annual rate of one month US Libor plus 6.75% subject to a one-month US Libor floor of 2.25%.

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