LONDON (ShareCast) - (Sharecast News) - Regenerative medical devices company Tissue Regenix announced the relocation of its UK head office and manufacturing facilities to Garforth, Leeds, from November on Monday.
The AIM-traded firm said the strategic decision to relocate its UK operations from nearby Swillington, Leeds, was made as part of its ongoing overhead cost saving initiatives.

It said it was expected to reduce its overhead spend by more than £0.4m on an annualised basis, from 2021.

As part of the relocation programme, the group would outsource elements of the production cycle relating to testing and packaging, but would retain its processing capabilities, including the manufacturing of 'OrthoPure XT'.

"We remain committed to reducing our overhead cost base to drive us towards a position of break-even," said interim chief executive officer Gareth Jones.

"Following a review of our near-term activity, this relocation will allow us to reduce our manufacturing footprint and associated costs, whilst importantly protecting the supply of our products.

"We also remain within the Leeds and York area to continue to support our local community and retain our valuable employee base."

At 1454 BST, shares in Tissue Regenix were up 10% at 0.34p.

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