Revenue injection for Glasgow's Collagen Solutions

Collagen Solutions, the Glasgow-based life sciences firm, has trimmed its half-year losses after reporting a jump in US sales.

Jamal Rushdy said the firm remained on track to meet its key initiatives for the year. Picture: Contributed

Chief executive Jamal Rushdy said the firm remained on track to meet its key initiatives for the year after pre-tax losses were cut to £1.06 million from £1.38m a year earlier.

Group revenue and other income grew 13 per cent to £2.1m in the six months to the end of September. Revenue from North America leapt by £670,000 to £1.45m, an increase of 86 per cent.

Overall, nine new customer contracts were secured in the first half and the firm, which specialises in medical grade collagen and tissue components, began supply to 16 new customers.

Rushdy said: “We remain on track to meet our key initiatives for the year including achieving our commercial execution plans and financial performance objectives in line with market expectations.

“Commercialisation of our proprietary products remains a key focus. Our planned rolling submission of data to support our goal of obtaining the CE mark for ChondroMimetic this financial year continues and we have successfully concluded agreements with new European and Asian distributors.

“Discussions continue with several more with the aim of completing these ahead of the limited user release planned to follow the ChondroMimetic CE mark.”

He added: “Financially, we are performing well. The variation of the bond subscription agreement with Norgine Ventures will allow us greater flexibility to exploit growth opportunities for future years.

“Operationally, our New Zealand restructuring initiative is delivering the expected synergies and benefits and the New Zealand team has delivered four new customers in the first half.

“Finally, we will continue to deliver more visibility and metrics to our investors.”