Tissue Regenix Share Discussion Threads

[lazygun] 20/4/2020 17:21

I think today’s RNS combined with the previous one is excellent. They’ve got themselves over $1 million US, on probs the best terms they could hope for...

L

[holdingtight] 20/4/2020 14:23

If be nice to see it back up at 5p fairly swiftly and then, once hospitals return to normal duty and orders come in again, who knows. In three meantime we'll hopefully be building up stock levels.

[monster500] 20/4/2020 10:23

When all funding is in place, you will be paying a massive premium on share price GLa :)

[channel pirate] 20/4/2020 09:07

Will be better when all funding issues are settled and the share price can steadily rise as we gain momentum.

To much "quick profit" trading going on at the moment (nothing wrong with that if it is your strategy)and we can watch our investment multiply many times from the current level here.

Good Luck all LTH.

[chinadog3] 20/4/2020 08:26

Super work by TRX

[glawsiain] 20/4/2020 07:43

More breathing space announced

""Tissue Regenix", the "Group" or the "Company"), the regenerative medical devices Company, announces that the Group has received a further $417,000 loan (the "Loan") under the US government backed COVID-19 business support scheme"

[chinadog3] 15/4/2020 10:44

Cerrito. Its hard to guess timing in the markets. Stick with your market research and instincts.

Its impressive how TRX turned application for recently announced funding into money in Bank.Breathing space achieved and announcement on wider Funding could drop at any time between now and July.

Revenue up, UK product in stock. No downturn in their US operation.

Sounds like I am trying to tempt you to buy back in. I am not!

GL

[cerrito] 15/4/2020 09:10

Seems I made the wrong decision to sell at 40p.
First time I have heard of dental operations being affected here in the UK and the US banking system seems to be getting funds out faster than in the UK.

[chinadog3] 15/4/2020 08:24

Super Update. Read it judge for yourselves

[monster500] 14/4/2020 11:25

Some nice buys today. Positive feel in buyer's. Gla :)

[alphapig] 09/4/2020 15:42

They're trying to do you a favour

[monster500] 09/4/2020 15:38

What is going on here. Can sell but cannot BUY :(

[holdingtight] 09/4/2020 15:17

I've got a fair few of these ... to me it's looking like one of two dramatic outcomes and I've no idea which.... Either to the wall in a prepack (aka legalised theft) or the brink with a last minute finance deal !

[chinadog3] 08/4/2020 20:23

Enteleon any views as to the little rise overall on Monday and as to why it stopped in its tracks yesterday? Any sounds on the grapevine as to how and when Funding will be done?

[monster500] 06/4/2020 12:12

Question. Is it possible there clean room facilities can be used for another purpose?

[ali47fish] 06/4/2020 10:55

well it is up again and i hope it keeps it up!

[ali47fish] 05/4/2020 10:03

Entelton thank you again for a substantial,clear and comprehensive reply

[enteleon] 04/4/2020 17:00

Ali47fish- Consort Medical announced the Recipharm buyout on Monday, November 18th, 2019, so Glenn would have been very preoccupied exactly at the time of the worst shenanigans within the TRX Board associated with the MIDCAP debt deal. He was tied in with Consort until its last trading day, which was March 3rd, 2020. We outsiders cannot know the exact internecine squabbles within the Board. Perhaps the former Chairman, John Samuel, was awkward. Samuel had bought 2,000,000 shares at 10p sometime previously and we do not know if he is still a shareholder.

Funding with debt is all about free cash flow. Some businesses like Vodafone have colossal debt, but very large FCF. TRX's sales figures show growth over several years and this is encouraging. Purely my conjecture that Glenn took a dim view of the MIDCAP interest rate terms at close to 10% p.a. and agitated to return the $5.5M as he was emerging from his Consort commitments. The asset value does count, of course, as this may be viewed as collateral. The Net Asset Value (NAV) of TRX maybe
6p per share (my guess and please correct me).

We would all love to know if the Friday spike in share price is sustainable. The new tax-year starts Monday and there maybe some investors wanting to tuck shares into their ISAs.
We are all having to live with so many uncertainties at micro and macro levels. If Glenn achieves funding without serious dilution, the share price will look very cheap, but it's a big IF !!

There remain huge uncertainties about the course of the pandemic and this affects sentiment in general. I record the sad mortality figures for each major country on a daily basis. The USA, UK and France are still worsening. It appears that poor old Italy and Spain may be levelling out. Countries like Germany, the Netherlands and Austria (with very high testing rates) may be topping over the next few days. Global sentiment will be very much determined by the US experience. Governments will be very aware of the morbidities from the actual lockdown- economic, psychological and medical. Cancers don't stop growing; routine elective surgery postponed (very relevant to TRX), etc. My own view is that the medical field will remain in high profile and higher priority for some years to come. Sadly, there will be permanent destruction among airlines, cruise companies, high street retailers, some construction companies and some banks as we realign our global priorities. All this is purely my opinion; please DYOR; very best wishes to everybody; special thoughts to anybody on the front line, especially the valiant NHS staff who are real heroes.

[ali47fish] 04/4/2020 10:42

Thank you Entleton- i was certainly aware of the reshuffle in key directors which went on for a while- If Glenn was already on the board why didn't he step in earlier- if the company is asset rich why the difficulty in getting funding. given the spike in the share price on friday is that going to be sustainable and the difficult question is when to add/ average down- comments very welcome!

[monster500] 04/4/2020 10:35

From company update,Dated January 2020. Group revenue growth of 12% year on year Cash position of GBP2.4m provides cash runway until at least the end of April 2020. Now extended to end of May. My question is. How much more revenue can they achieve with them having larger premises, with more output serving more demand for there product. Delivering hopefully more profit. Therefore a better position all round:)

[chinadog3] 04/4/2020 01:51

There is the option I believe to draw down further from Midcap, and yep that is if sought, at the discretion of Midcap. I hope that J Glenn facilitates a way through this for TRX without dicing and slicing the asset base or participating in a fire sale of the company itself

Once again thanks to Enteleon for the sharp succinct summary. Ps I think that name is also the name of a pharmaceutical drug. Is that just coincidence (I suspect not)?

[the stigologist] 03/4/2020 22:52

They had a window in January to do a cash call pre coronavirus market crash

Now that option looks far too dilutive but may be only game in town.

The Chair leaving looks odd. The optimist in me thinks he could launch an MBO. The cynic in suggests they have made deliberately bad decisions and negative statements to purposefully damage the stock so they can clean up in any takeout/MBO.

I'm afraid there is very little reason to trust these idiots.

Having said that I believe even in a disorderly fire sale they could achieve a better return for shareholders than current mkt cap given value of underlying PPE

[enteleon] 03/4/2020 22:24

Chinadog3- Thank you for your compliment. I don't have any special(and certainly not insider) information about TRX. I have followed TRX for a while and nearly all my investments are in the medical/pharma/biotech space as these tend to be relatively defensive. I have a medical/surgical background. Ali47fish- I hope the below helps to put the Company circumstances into perspective. Please do correct me where necessary.

TRX has been horribly hit by a combination of both Woodford and Invesco selling down in the second half of 2019. Woodford, as most of you know, was the former star of Invesco and Invesco tended to follow Woodford in the last few years. When things went badly wrong for Woodford, Invesco copied his selling.

Additionally, TRX has been plagued by some very erratic management moves in the last 15 months, with several Finance Directors coming and going. The loan deal with MIDCAP was announced in November, 2019, but clearly met with major infighting within the Board. The then FD left almost immediately. The loan was at an interest rate of approx 6.7% plus LIBOR, which would have given a rate of close to 10% p.a. TRX borrowed approx $7.5M, but returned $5.5M in a major revision to the loan earlier this year. At present, I believe that TRX's total debt is $2M and this is to MIDCAP.
The acquisitions that TRX has made in the past have been financed through share cash-calls, hence the large number of shares in issue (1,171,971,322). Woodford and Invesco were very supportive of these cash-calls.

Returning the $5.5M to MIDCAP has left TRX with a cash-flow crisis with cash running out by the end of the second week in May. To address this, TRX has to raise debt, sell off the whole or part of the Company or hold a cash-call, the last of which would dilute all investors' holdings.

Purely as my opinion, I do believe that the appointment of Jonathan Glenn to Chairman/CEO may be crucial. Glenn has been a non-exec director of TRX since Jan 2016. He made his name by steering Consort Medical (was CSRT) to a very successful buyout by the Swedish Recipharm Group, finalised in February this year at an enterprise value in excess of £500M. Glenn is a chartered accountant by profession, so is commercially savvy and knows TRX inside-out as well as having long experience in the medical appliance world (appointed CEO of Consort December, 2007).

So, in summary, and this is purely my opinion: Erratic previous management, Woodford/Invesco divestment (there is still the 19.98% share overhang with Link) and perhaps some over-reach in acquisitions have left TRX asset-rich, but cash poor. Their products appear to be in considerable demand and have FDA approval- indeed one of the problems has been a supply-side crisis, not demand-side. TRX is now a commercial operation, not a research outfit. It needs serious commercial talent to pull the Company through what should be a short-term funding crisis. The Covid-19 pandemic has added additional stress, of course.

To me, TRX is priced as if it was a small pharma/biotech company waiting for interminable FDA/CE approvals on a long-haul research basis. That is just not the case. Please, please correct and criticise; we are all here to learn. Wishing all long-holders the very best of luck.