3 May 2016 07:00
Collagen Solutions Plc
(the "Company" or the "Group")
Announces Leadership Changes and Preliminary FY 2016 Revenue
Jamal D. Rushdy appointed as Chief Executive Officer
Dr. Stewart White moves to the role of Chief Scientific Officer
Trading in the year ending 31 March 2016 exceeds revenue guidance
Collagen Solutions plc (AIM: COS), the developer and manufacturer of medical grade collagen biomaterials for use in research, medical devices, and regenerative medicine, announces the appointment of Jamal D. Rushdy as Chief Executive Officer, and that Dr. Stewart White has transitioned to Chief Scientific Officer (CSO), both with immediate effect. In addition, the Company announces improved year end revenue.
Board Changes
Mr. Rushdy's initial appointment as Chief Business Officer was announced in November 2015. He has over 20 years' experience in the medical device arena, specifically within two mid-size high growth public companies and three successful start-ups. He has a track record of building businesses with successful exits and transforming organisations through integration and performance improvement, adding value through business development and leadership.
Prior to Collagen Solutions, Mr. Rushdy was a Vice President at Tornier Inc, a Minneapolis orthopaedics and biologics company, since 2007, where he served in various leadership roles in U.S. sales operations, global sports medicine and biologics marketing, and business and corporate development. Mr. Rushdy also played a key role in Tornier's successful 2011 Initial Public Offering.
As CSO, Dr. White, Collagen Solutions' founder, now leads R&D and corporate development and will focus on the Company's product development and innovation platform whilst also realising value from innovative technologies such as the ChondroMimetic portfolio of assets.
Trading update
The Company also announces preliminary revenue, including other income, of £3.2 million for the year ending 31 March 2016, which exceeds prior guidance of £2.8 million. These results have been in part driven by the early benefits of the Company's implementation of an improved sales process, together with achievement of global sales and integration synergies. The Company now has dedicated sales people in Europe, Asia, and North America.
Commenting on the leadership changes, David Evans, Chairman of Collagen Solutions said, "I would like to thank Stewart for his tireless efforts to develop a strong biomaterials Company. As the CSO, I believe he will bring focus and leadership to our innovation platform.
"As we look ahead to the need for Collagen Solution's continued growth, we are pleased that Jamal has agreed to take on this additional responsibility. Jamal's experience in global medical technology organisations, and his contribution and recent track record with our Company, gives us confidence that he will continue the momentum and execution of our strategic initiatives."
Jamal D. Rushdy commented, "I am excited about the strategy we are pursuing to achieve a leading position in the biomaterials and regenerative medicine market."
An announcement further to Jamal D. Rushdy's appointment as Chief Executive Officer containing the disclosures in accordance with the AIM Rules will be made in due course.
Enquiries:
Collagen Solutions Plc |
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David Evans, Chairman | Tel: 07740 084 452 |
Jamal Rushdy, CEO | Tel: +1 612 405 7709 |
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Panmure Gordon & Co (NOMAD and Broker) Robert Naylor (Corporate Finance) | Tel: 020 7886 2714Tel: 020 7886 2905 |
Maisie Atkinson (Corporate Broking) |
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Walbrook PR Ltd | Tel: 020 7933 8780 or collagen@walbrookpr.com |
Mike Wort | Mob: 07900 608 002 |
Anna Dunphy | Mob: 07876 741 001 |
About Collagen Solutions: www.collagensolutions.com
Collagen Solutions Plc is a global provider of medical grade collagen formulations and components for use in regenerative medicine, medical devices and in-vitro diagnostics. The capabilities of the Company include the provision of native, soluble and powdered collagen formulations, processed and semi-processed tissues such as pericardium, bone, and blood vessels, and expertise in the development and contract manufacture of collagen components for use as engineered tissue scaffolds and other medical devices. These products are used in a wide variety of applications including orthopaedics, cardiovascular, dental, plastic surgery, wound healing, neurology and urology. Collagen Solutions' unique offering extends beyond material supply and contract services through the highly skilled staff who support customers through the various stages of development and regulatory approval.