Scottish life sciences company Collagen Solutions yesterday said it was looking at opportunities to move into the Chinese market as it posted a major rise in sales and narrowed losses.
The Glasgow-based business, which specialises in providing medical grade collagen for use in regenerative medicine and medical devices, saw sales rise to £1.46 million in the six months to the end of September compared to £143,213 in the same period last year. Pre-tax losses narrowed to £356,537 from £560,831.
Collagen Solutions said it was exploring the possibility of breaking into China on the back of the growth it was seeing in its existing markets
“As a small AIM company we would need to partner with someone to do that but hopefully it is something we will be able to update on in the not too distant future,” Dr Stewart White, the chief executive, said.
Growth in sales during the year was helped by the contribution of Southern Lights Biomaterials in New Zealand which it acquired last year.
The company has also recently acquired intellectual property rights for ChondroMimetic, a collagen-based implant for treatment of bone defects, and believes the potential opportunity warrants a separate management team.
Collagen Solutions has set a target that by 2020 it will be a £100m business – compared to today’s market cap of around £15m – and White said the latest figures highlighted progress towards that goal. “If you look at peer companies and their valuations I think we compare very well in terms of the potential we have, the market for our products and our team.”