Tissue Repair Limited (ASX:TRP) Announces Q4 2024 Progress and Financial Results
TR987 Phase 3 Trial Update
Tissue Repair Limited has initiated its Phase 3 trial for TR987® with the first patient randomised. Enrollment has been delayed due to US storms, fires, and FDA-requested protocol changes. The company expects enrollment to increase in the coming months. Over 30 sites across the US and Australia have been selected, with 18 initiated and 10 activated. Pre-clinical work on a US device application for TR987® is progressing, targeting device approval within 12-18 months.
TR Pro+® Sales Growth
TR Pro+® sales in Q4 2024 were 35% higher than the previous quarter, peaking at 45k units in December. The product has been ordered by over 270 clinics, and a test promotion of 30g tubes sold out within six weeks, indicating strong market demand. The company is in advanced discussions with distributors in Australia and New Zealand and plans to enter the pharmacy channel. An additional US$1M investment has been approved for API manufacturing to support global distribution and optimize production.
Financial Performance
As of 31 December 2024, Tissue Repair Limited reported a cash position of $14.4 million. During Q4, net cash operating outflows were approximately $2.149 million, primarily due to expenses related to TR987® development and TR Pro+® commercialisation. The company anticipates future R&D tax incentives, which will extend its cash runway and support strategic objectives.
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