(Sharecast News) - Biomaterials and regenerative medicines developer Collagen Solutions has entered into a new minimum three-year agreement with NovaBone Products - a designer and manufacturer of US FDA-cleared synthetic bone grafts - it announced on Tuesday.
The AIM-traded firm said NovaBone was already a long-standing customer, explaining that they started collaborating in 2015 to develop and supply specialised collagen biomaterials specific to their line of bone graft products, used in orthopaedic and dental applications.
It said the new deal would formalise a longer-term supply arrangement, to ensure NovaBone had "consistent and increased access" to the specialised material.
NovaBone was recently acquired by Halma.
"We are excited by NovaBone's growth prospects and new backing by Halma to accelerate their growth plans," said chief executive officer Jamal Rushdy.
"Both companies have worked collaboratively over the past several years to optimise a collagen formulation that meets the specific demands of NovaBone's unique technology.
"We look forward to continuing to support our long-standing partner through their next phase of growth."
At 0841 BST, shares in Collagen Solutions were down 9.68% at 2.8p.
26 Aug 2014 15:16