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Texas biotech company CellRight Technologies sells to U.K. firm for $30M
August 10, 2017

By Jesse Pound, Staff Writer, San Antonio Express-News

Photo Credit: A CellRight Technologies product was used to help repair the abdominal walls of conjoined twin sisters Scarlett, left, and Ximena Hernandez-Torres following their separation surgery last year at Driscoll Children’s Hospital in Corpus Christi. Photo: Joshua Thelin /Driscoll Children's Hospital Via AP

England-based Tissue Regenix Group announced Wednesday that it completed its acquisition of Texas biotech company CellRight Technologies, which specializes in making bone and skin grafts.

Tissue Regenix, a regenerative medical device company based in Leeds, United Kingdom, declined to discuss the terms of the deal. The acquisition is worth up to $30 million, according to a July 20 filing with the London Stock Exchange.

“CellRight and TRX share a common goal and vision,” Tissue Regenix CEO Antony Odell said in a news release. “Together, we can expedite and expand our research and development pipelines, increase our market presence both in the U.S. and internationally and create more value for our stakeholders, both clinical and financial.”

CellRight, based in Universal City, Texas, currently has 19 employees, who will all stay with the company as part of the deal, CellRight CEO Jesus Hernandez said in an email. Tissue Regenix already has a San Antonio presence through its Tissue Regenix Wound Care Inc. subsidiary.

CellRight will maintain its name and will become the base of U.S. operations for Tissue Regenix over time, Odell said in an email.

Tissue Regenix is traded on the London Stock Exchange. The company’s stock price declined 10 percent following the announcement of the deal late last month but has since recovered.

A shareholder filed a lawsuit against CellRight earlier this year to block a potential sale. State District Judge Cathleen Stryker temporarily delayed the deal. CellRight and the shareholder, a partnership called HugoCellR, later reached a settlement.

“Hernandez is pursuing the sale to Tissue Regenix as the best course for his own professional prestige and personal lifestyle, which are unrelated to the fair market value of the company,” HugoCellR said in the suit. “Thus, Hernandez is personally and financially interested in both sides of the deal.”

The terms of the settlement were not disclosed. Lamont Jefferson, the attorney representing HugoCellR, did not return request for comment Thursday. He told the Express-News in June, “Our client is on board with the deal, given the additional terms that were involved in the settlement.”

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