Life sciences outfit Collagen Solutions today named a new boss as it revealed its annual sales were set to come in ahead of forecasts.
The Glasgow-based firm said chief executive Stewart White has now taken on the role of chief scientific officer, having led the company since it was formed by the acquisition of Collbio at the end of 2013.
White now leads the company’s research and corporate development, focusing on its products and “innovation platform”, Aim-quoted Collagen said.
He has been succeeded as chief executive with immediate effect by Jamal Rushdy, who joined in November as chief business officer from US orthopaedics and biologics outfit Tornier.
Collagen chairman David Evans said: “I would like to thank Stewart for his tireless efforts to develop a strong biomaterials company. As the chief scientific officer, I believe he will bring focus and leadership to our innovation platform.
“As we look ahead to the need for Collagen Solution’s continued growth, we are pleased that Jamal has agreed to take on this additional responsibility. Jamal’s experience in global medical technology organisations, and his contribution and recent track record with our company, gives us confidence that he will continue the momentum and execution of our strategic initiatives.”
The change in leadership came as Collagen said its revenues for the year to the end of March came in at £3.2 million – ahead of its earlier guidance of £2.8m and driven by improved sales processes.
Mike Mitchell, analyst at house broker Panmure Gordon, said: “All in all, we take today’s news as evidence of positive progress as the company seeks to gain further commercial critical mass and focus.”