YORK, England, July 22, 2015 /PRNewswire/ --
Tissue Regenix Group plc (AIM:TRX) ("Tissue Regenix" or "The Group"), the regenerative medical devices company, announces that TRX Wound Care Inc. has signed an additional regional distribution agreement for DermaPure®.
This agreement has been signed with an experienced local surgical and wound care distributor who will cover one of the 12 states in the Novitas Medicare administrative jurisdiction. The partnership is expected to be worth a minimum of $135k over the next 12 months and follows the signing of the first regional distributor agreement, covering two states in the jurisdiction, which is expected to be worth a minimum of $600k over the next 12 months.
Entering into such partnerships is in line with Tissue Regenix's 'hybrid' distribution strategy of utilising both direct and indirect sales representation and complements the momentum being developed by the Company's own salesforce which is being expanded as a result of the January fundraising.
The signing of this agreement is representative of the significant, and growing, commercial interest in DermaPure® after what has been a transformational year for the product. Within the first six months of 2015 it has become available to 20.7 million Medicare beneficiaries across 30 states.
Tissue Regenix Group CEO Antony Odell commented:
"2015 has been a seminal year for DermaPure® in the United States and this is credit to the hard work being undertaken by our regional team.
This announcement is another demonstration of the group delivering on its strategy to fully commercialise DermaPure in the United States and highlights the benefits of our hybrid distribution strategy.
In light of DermaPure's continued provision of outstanding clinical outcomes, I remain confident in achieving both further coverage by Medicare administrators and entering into additional beneficial distributor agreements."
Previously announced DermaPure® coverage approvals:
Novitas Solutions: Arkansas, Colorado, Delaware, Louisiana, Maryland, Mississippi, New Jersey, New Mexico, Oklahoma, Pennsylvania, Texas and Washington DC
CGS: Kentucky and Ohio
Noridian Healthcare Solutions administers the Medicare programme in the states of Alaska, Arizona, California, Hawaii, Montana, Nevada, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming.
Palmetto GBA covers North Carolina, South Carolina, Virginia and West Virginia.
Tissue Regenix Group Plc:
Jefferies International Ltd:
SOURCE Tissue Regenix Group Plc