The relocation allows the Company to save over $80,000 per month in rents, overhead, wages and utilities. The new facility will enable the Company to focus on higher margin products and to develop processing automation needed to meet current orders.
The relocation occurred on June 24th, 2017, and the Company has sufficient finished inventory to meet demand until processing resumes in Montana. Current inventory levels are in excess of $2M (cost basis), which is the Company’s largest asset on the balance sheet. Finished inventory represents approximately $6 million in retail sales.
Guy Cook, CEO, states, “This move shows our commitment to the future growth of our new products and shows a clear path to profitability with a significant reduction in operating expenses. With the recent hire of our COO, Darrel Holmes, who is from the Belgrade, Montana, area, and the relocation of senior management to Montana, we feel this location is ideal for our move to automated, large scale processing that will be needed to reach our sales targets."
About Lattice Biologics Ltd.:
Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilage regeneration. As a manufacturer of the highest quality allografts, Lattice is focused on next generation products to improve surgical outcomes.
Lattice Biologics operates headquarters, laboratory and manufacturing facilities in Belgrade, Montana, as well as offices in Toronto, Ontario. The Company maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
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