Tissue Therapies to receive A$1.1 million from new strategic investor 

(MENAFN - ProactiveInvestors - Australia) Tissue Therapies (ASX: TIS) has attracted a new strategic investor who will participate in a private placement of 3 million shares at 0.37 each to raise A1.11 million.

The new investment will represent around 1.7% of Tissue's issued capital, with the new shareholder a Sophisticated Investor with commercial interests in South America.

Tissue is a biomedical company with a specific focus on acute and chronic wound healing applications, with a particular focus on VitroGro ECM - which is a topically applied, biomimetic scaffold, comprising a synthetic extracellular matrix protein.

What this means is that VitroGro replaces the degraded matrix of a hard to heal wound, and binds to a prepared wound bed and provides a physical structure for cell attachment,
which is a primary requirement for subsequent cell functions critical for healing, such as cell proliferation and migration.

The additional funds raised from the placement will be applied to the finalisation of FDA clinical trial submissions for VitroGro ECM, as well as preparation for applications for approval for sale in other regions including South America.

Tissue said that it intends to proceed with its global rollout plans to strategically position the company and maximise the commercial opportunities for VitroGro ECM - while waiting for final CE Mark approval.