Leeds biotech firm Tissue Regenix has bought US regenerative medicine business CellRight in a £23m deal.

The Texas firm specialises in the development of human tissue products – focussing on spine, dental, sports medicine and general surgery.

CEO of Tissue Regenix Antony Odell said: “The acquisition of CellRight Technologies provides a transformational opportunity for Tissue Regenix and accelerates the group’s trajectory to break even through the creation of an innovative, regenerative medical devices company.

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“CellRight bring a synergistic regenerative technology focused on bone, which will complement our own dCELL soft tissue platform.

“Furthermore, a broad development pipeline of innovative products, multiple established distribution channels and a state of the art US-based manufacturing facility will enable us to increase our growth and market penetration, cementing our presence in the key US market, as well as providing an opportunity to enter new geographies.”

He added: “Building on our material progress over the last two years, the additional resources will enable Tissue Regenix to invest in advancing our organic product pipeline and commercial strategy.

"We would like to thank our existing and new shareholders for their support as we realise our vision of becoming a market leader in the multibillion dollar global regenerative medicine market.”

CellRight is registered with the US Food and Drink Administration, and operates from a 13,650 sq ft facility in Universal City.

Tissue Regenix also announced its intention to raise £40m through a placing of 400m shares with both new and existing institutional investors.

Last month, it revealed plans to expand into the US sports medicine market after revenues were boosted 77 per cent by demand for its skin graft technology.