Collagen deal is Angel Biotech’s second US tie this year
SHARES in Angel Biotechnology jumped by as much as 20 per cent yesterday after the
Edinburgh-based life sciences firm won a contract for its collagen production plant in Glasgow, which it bought from sausage skin maker Devro in May.
The deal with American outfit ArGentis Pharmaceuticals is the second that Aim-quoted Angel has unveiled for the factory and follows on from a contract signed with New York-listed Cardium Therapeutics in May.
Under the latest deal, collagen from the plant will be used as an ingredient in a treatment for “systemic sclerosis”, which Angel described as “a life-threatening auto-immune disease”.
Stewart White, Angel’s acting chief executive, said: “We are very pleased to be able to assist ArGentis by providing material for this serious clinical indication. This demonstrates not only the commercial demand for the collagen products that Angel can offer, but the value Angel can offer customers towards
accelerating clinical supply.”
Tom Davis, president of ArGentis Pharmaceuticals, added: “Angel offers a unique combination of product and service that has been a real challenge for our business to identify.
“We look forward to a long and fruitful relationship with Angel and an expeditious entry of our product to the clinic.”
Shares in the penny stock eased back later in the day to close up 0.005p at 0.16p, a rise of 3.2 per cent, valuing Angel at just over £6 million.
Angel moved its head office to Edinburgh from Newcastle in 2007 but is currently reopening its old factory south of the Border to cope with increased demand from its customers.
Search for a job
Search for a car
Search for a house
Weather for Edinburgh
Wednesday 19 June 2013
Temperature: 8 C to 19 C
Wind Speed: 20 mph
Wind direction: West
Temperature: 11 C to 19 C
Wind Speed: 7 mph
Wind direction: North