TISSUE Regenix is confident of achieving its goal to become a global leader, its chairman said at its annual general meeting yesterday.

John Samuel, chairman of the company which makes animal tissues suitable for transplant in human surgery, said the company has made “significant progress” in the past year.

In the year to 31 January 2011 the business, which is based at York Science Park, recorded a loss after tax of £5.4m, of which £3.7m was from the reverse acquisition by which the business was admitted to AIM in June 2010.

Net assets increased to £6.2m, from £1.3 million in 2010 and cash balances increased to £5.9m, from £1.1 million in 2010.

The company has commercialised its first product, and had positive results from other clinical studies.

“Although it will take time to exploit the potential of our product pipeline we are confident that we can do so successfully,” he said.