LONDON (Alliance News) - Biomaterials maker Collagen Solutions PLC on Monday said it has been awarded a GBP1.5 million research and development grant from Scottish Enterprise.
Scottish Enterprise is a national economic development agency of the Scottish government. The grant will be used to support Collagen Solutions' future investment of up to GBP4.0 million across its product pipeline.
The grant will support around 39% of development costs for several of Collagen Solutions' early stage and upcoming proprietary product research and development programmes
"We are delighted that the Scottish government, via its enterprise agency Scottish Enterprise, recognises that Collagen Solutions can help its vision of driving life sciences to an [GBP8 billion] sector by 2025 and to this end is committing to invest significant funds into the company," said Collagen Solutions Chief Executive Jamal Rushdy
"We are tremendously excited to have this support for the next generation of proprietary products in order to deliver value for the Scottish life sciences economy and our shareholders, as well as to support our mission to improve patients' quality of life worldwide," added Rushdy.
Shares in Collagen Solutions were up 12% at 3.25 pence on Monday afternoon.