LONDON (Alliance News) - Collagen Solutions PLC Thursday posted a pretax loss for the period from March 15, 2013 to end-March 2014, and said it had set a target of creating a biomaterials business valued at GBP100 million by 2020.
The company previously listed on AIM last April as Healthcare Investment Opportunities. However it has since changed its name after making its first investment by acquiring Colbio and the assets of Collagen Solutions LLC in January.
As a result, the company had only traded for three months in its current form during the period reported. It posted a pretax loss of GBP405,229 on revenues of GBP24,023. Collagen Solutions said that a number of customers are "well advanced" through the regulatory approval process for products containing its collagen formulations or components.
The company said that it plans to reach its 2020 goal through organic growth, exploitation of its licensed intellectual property, and appropriate acquisitions.
Collagen Solutions will continue to invest in the new fiscal year as it continues to expand its sales pipeline, it said. The company expressed confidence that its long-term revenue generation is secure, as revenues are effectively embedded into its customers products, but cautioned that the exact timing of those revenues was more difficult to judge.
The company is yet to meet critical mass of manufactured products, it said, which it expects to happen by the end of 2015.
Shares in Collagen Solutions were untraded Thursday; they were last quoted at 9.70 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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