shares rallied after MidCap agreed to suspend its financial banking covenant testing until 30 June 2020.
The regenerative medical devices company rattled investors on Monday after it announced it would not meet certain financial covenants, which included a trailing 12 month revenue test for its loan facilities provided by MidCap Financial Trust.
However on Thursday it announced it reached an agreement with MidCap to immediately repay $5.5 million of its outstanding Term Loan, with MidCap agreeing to waive the prepayment fee and defer a portion of the exit fee.
Shares in Tissue Regenix jumped 31% to 1.475p on Thursday
John Samuel, Executive Chairman Tissue Regenix Group plc, commented: "I am very pleased that Midcap have shown their support for the Company by entering this revised agreement.”
He added: “There is still much to do to bring on stream new capacity but with strong demand for our products and the hard work and dedication of our employees we will continue to review our funding options."
Tissue Regenix will also still have a Term Loan balance of $2 million and access to its revolving credit facility.
The AIM listed firm told investors it has sufficient working capital until “at least the end of March 2020”, and is considering funding requirements.
The company's patented decellularisation ('dCELL®') technology removes DNA and other cellular material from soft tissue that can be used to repair diseased or worn out body parts, which has applications in clinical needs such as sports medicine, heart valve replacement and wound care.
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