Top member reports
Consensus community valuation
The consensus valuation is for members only and has been removed from this chart. Click for membership options.
Contributing Members
Content is delayed by one month. Upgrade your membership to unlock all content. Click for membership options.
##December 4c / Quarterly Activ
Added 2 years ago


-         Both TR-987 & TR Pro plus moving ahead per schedule.

-         Money being spend broadly in line with forecast.

TR-987 Associated activities;

-         3rd Pilot batch run completed. Preliminary success noted however final confirmation hasn’t been confirmed at the time of this update. The previous two batches have been successes however both have required an element of retesting to validate changes from the previous.

-         Company aiming to have a meeting with the FDA during Q2 (referred to as a Type C meeting) in relation to the Toxicology and Safety Programme

-         3rd party companies appointed or in the early stages of being appointed to support the FDC approval process and commercialisation of the product.

TR Pro+ Associated activities;

-         Market Research Completed (positive feedback received.

-         Company has entered into a 3-month agreement with Hahn Pharma to assist in the clinician familiarisation process (largely done via vertical meetings due to the current COVID environment).

-         Feedback from the market is that there is no existing single product which provides the broad range of benefits of TR Pro+. This is seen, understandably, as a positive and a strength of the project.


-         $959k spend

-         $26.6m remaining

-         Cash spend forecast to increase over the coming quarters as Phase 3 preparations get underway.

Final Thoughts;

-         Nothing dramatic in the update, either negative or positive.

-         Company appears to be progressing on all committed fronts.

-         Upcoming goals for the next quarter and remaining time in 2022 have been provided at a decent level of detail which is appreciated. 

Read More
#Company Brief
Added 2 years ago

Early-stage Healthcare micro-cap, years from commercialisation, why must your siren song call to me so strongly?

Tissue Repair (TRP) floated in November 2021 with the object goal of successfully completing the Phase 3 trial of their TR-987 gel prior to proceeding to commercialisation in the US market.

The topical gel is aimed at treating chronic wounds which, currently, require the use of a medical device, scaffold, or human derived product to treat the wound.

There is no clear message as to whether the gel would be used in lieu of these items as apposed to conjunction with them.

The company also has a market ready cosmeceutical gel (TR Pro+) that it is aimed at a post procedural product for minimally invasive cosmetic procedures.



The company’s initial target for TR-987 is the US. Specifically, the active wound care (defined as an impaired wound that has not healed after 4 weeks) segment worth circa $1.5b.

There is additional commentary on expanding beyond this section of the market into burns, surgical/trauma wounds and after sun care amongst others however the primary target for initial commercialisation is the active wound sector.

TR Pro+

The company intends to target this product at those who have undertaken nonsurgical treatments for aesthetic reasons e.g., Laser skin resurfacing, chemical peels, microdermabrasion etc.

In Australia (first area for launch) this market is quoted as being circa $341m with the larger US market at $3.4b.



Timeframe to FDA Approval is circa 48 months, or sometime in late 2025/2026, assuming trialing and approval process run in alignment with the company’s expectations.

TR Pro+

The company is aiming to have the product in market and generating sales in 2022. This is specific to the Australian market. I couldn’t find any reference to proposed launch into the US however, pending response in AUS, that may be in the future plans for the company.  

Company Funding

The November float raised circa $22m to fund the Phase 3 trials.

The prospectus calls out that the raised funding should allow the company to achieve its stated objectives for the next 24 months.

The company has since (per the Dec 21 4C and Activities update) stated it has sufficient funding to complete the Phase 3 trial programme and also the initial commercialisation activities for the TR Pro+ product.  

I would imagine that the company would come back to the market for funding in circa 36 months with some positive updates to raise the funds to cover the perspective ramp up costs to commericalise the product.

The company has released a further update as part of the Dec 201 4C / Activity update which I’ll aim to touch on separately to avoid a War and Peace here.


Fellow Straw people! It’s magic goo that can heal your cuts! What’s not to like.

In all seriousness, the product and its path to commercialisation remains high risk. I like the fact that they have the alternate product (TR Pro+) that is closer to earning some dollars but outside of that there is a lot of work for the company to do before it’s where it wants to / needs to be.

As it sits, the Share Price is sitting at 44c (as at 7 Feb 2022). A large drop from it’s IPO price raise of $1.15. If you are a holder with a time horizon any shorter than the late 2020’s when this product is due to be in market then you are likely not a happy camper.

From where I sit, it’s a watch over the next year to see how the Pro+ commercialisation progresses, how the preparation and commencement of the phase 3 trials run and also how the cash is expended ($13m of the raised capital has been earmarked for the phase 3 trial). Assuming the company achieves the short-term goals for 2022 I would look to purchase at a similar time in Feb 2023.

Read More