Tissue Regenix Forced To Take US Systems Offline After Cyber Attack

(Alliance News) - Medical devices maker Tissue Regenix Group PLC on Tuesday said it has halted ...

Alliance News 28 January, 2020 | 11:25AM
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(Alliance News) - Medical devices maker Tissue Regenix Group PLC on Tuesday said it has halted manufacturing in the US in the short-term after it was victim of a cyber security attack.

Shares in the company were 11% lower at 1.09 pence each in London on Tuesday morning.

The Leeds-based firm said it has called in forensic cyber security specialists as it is investigates the "circumstances and scope of the incident".

The company said it is determining the financial impact of the cyber attack, and whether its business disruption insurance offers any protection.

The attackers gained unauthorised access to Tissue's computer systems, and those belonging to its US-based IT services provider.

Although its US manufacturing capabilities will be hampered for the near future, its UK operations and financial systems are unaffected.

"Tissue Regenix has taken precautionary steps, including taking affected systems offline. This has restricted access to certain business operations, including the company's ability in the short-term to continue manufacturing in its United States facility, which has been taken offline whilst the incident is being investigated," the company explained.

"The company is engaged with its third-party IT service provider, the relevant legal authorities and cyber security experts to rectify the incident as quickly as possible and to minimise any impact on its operations. The time required to resolve the incident is currently unknown."

The cyber attack is another blow for the AIM-listed firm, which on Wednesday said its funding beyond April is not guaranteed.

Tissue said its cash position of GBP2.4 million, which includes a GBP1 million revolving credit facility from lenders Midcap Financial Trust, is enough to support working capital needs until April.

Thereafter however, Tissue Regenix said it would need extra funding.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Tissue Regenix Group PLC 0.98 GBX 0.00 -

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