Glasgow-based life sciences firm Collagen Solutions is on track for a 30 per cent jump in first-half sales, its chief executive said today.
Jamal Rushdy, who succeeded Stewart White at the helm of the Aim-quoted company in May, said its revenues and other income were expected to hit £1.9 million for the six months to the end of September, up from £1.46m for the same period last year.
He said the upturn at the firm, which develops collagen components for use in regenerative medicine and medical devices, follows the implementation of a new strategy aimed at scaling up its core business and advancing its research and development pipeline.
Along with hiring more direct sales staff and adding commercial managers in Korea, the UK and US, Collagen Solutions has made improvements to its OEM (original equipment manufacturer) process, Rushdy said.
He added: “Finally, we have made progress on multiple fronts within R&D, including a recently announced grant opportunity with Horizon 2020; initiation of additional internal projects focused on bone and wound healing; and advancement of our ChondroMimetic programme.”
ChondroMimetic, acquired last year, is a collagen-based implant for the treatment of small cartilage and underlying bone defects, a market estimated to be worth more than $500m (£410m).
Collagen Solutions was last month invited to take part in the Horizon 2020 scheme, funded by the European Union, aimed at meeting a “pressing” clinical need for cell-based tissue regeneration techniques. It will receive about €500,000 (£452,000) of EU cash for the five-year project, which is expected to kick off early next year.