Biomaterials business Collagen Solutions today said it has racked up a 28 per cent increase in revenues for the year to the end of March.
The Glasgow-based group, which makes medical-grade collagen components for use in regenerative medicine, said preliminary revenue, including other income, grew to £4.1 million, against £3.2m a year ago.
• READ MORE: Life sciences firm Collagen Solutions to raise £12m
“This growth has been driven by an increase in the number of customers, higher volumes from key customers and an increase in new development agreements,” Collagen said.
It told investors that efforts to boost its commercial organisation were also beginning to show results, with nine new supply, development and distribution agreements secured during the year, which should provide future recurring revenues.
• READ MORE: Positive moves provide shot in arm for life sciences
Chief executive Jamal Rushdy said: “We are on track with the commercial plans for our core business. The investment that we have made in the commercial team is showing results and we are starting to see improved volume, value, and pace of origination in our pipeline of opportunities.
“Following the successful fundraising last month, we have also continued to make progress with our product development pipeline.”
Collagen will announce its annual results on 11 July.