LSE move sees Tissue Solutions on fast track to success
A SCOTTISH life sciences company claims it can grow revenues fivefold within three to five years after winning a place on a pan-European platform for high-growth businesses.
Glasgow-based Tissue Solutions focuses on meeting soaring global demand from researchers for ethically sourced human tissues and biofluids, such as skin, blood and urine.
Founded by Dr Morag McFarlane eight years ago, its products include tumour samples for use in research into cancer drugs, brain tissue for Alzheimer’s studies and “viable” excess skin from cosmetic surgery for other clinical trials.
Last week Tissue Solutions was accepted on the London Stock Exchange’s Elite programme, which puts proven high-growth businesses in contact with the European financial and advisory community to facilitate expansion.
McFarlane, now chief executive, said: “We are very pleased. I think our business is very scaleable, but it will be much easier with the right funding. I’m a scientist who knows the tissue market, but this access to advice should really help us.”
In the year to October 2014 the group’s turnover was about £2.3 million, while orders last month surged 70 per cent on a year earlier. Last year it won the Queen’s Award for Enterprise in the International Trade category.
Among its customer base, Tissue Solutions numbers the top ten global pharma companies.
“In three to five years with the right funding we could easily be over £10m turnover,” McFarlane said.
“We are only limited currently by the number of people we have on the ground . We grew exponentially throughout the recession because it is such a niche market.”