(Alliance News) - Collagen Solutions PLC on Tuesday said it expects a first half double-digit revenue increase during a period where it has signed 10 new customers.
For the six months ended September 30, the biomaterials and regenerative medicines manufacturer forecast revenue of GBP2.2 million, representing 14% year-on-year growth from GBP2.0 million.
Chief Executive Jamal Rushdy said: "We are pleased to report the third consecutive six-month period of double-digit sales growth demonstrating consistent performance to our expectations by the Collagen Solutions global team. Our core business remains strong and our initiative to increase capacity is on track to meet the anticipated higher demand for both collagen and tissue products."
During the interim period, Collagen secured four new customer contracts and 10 new customers.
In June, it completed a GBP6.0 million fundraise in order to further its product development, manufacturing capacity and to a repay a financing facility it has with healthcare investor Norgine Ventures Management Ltd.
Collagen added: "The company continues to execute on its customer product development milestones, having signed new development customers, which represent additional future contract manufacturing opportunities, once these products are approved and launched."
The company is also working towards securing a CE mark, certification needed for products sold within the European Economic Area, for its ChondroMimetic cartilage repair product.
Collagen will release its interim results on December 3.
The stock was trading 1.4% lower at 3.45 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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