22 Oct 2019 07:00
Collagen Solutions plc
("Collagen Solutions" or the "Company")
Trading Update & Notice of Results
Collagen Solutions Plc (AIM: COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, provides an update on trading for the six months to 30 September 2019.
Revenue is expected to be £2.23m (H1 2018: £1.95m), representing a 14.4% increase on the prior year, driven in particular by continuing momentum in our newly established tissue business.
New customer acquisition continues with four new customer contracts and 10 new customers.
In June 2019, the Company completed a fundraise of £5.96m gross of costs made up of a strategic investment by Rosen's Diversified Inc of £4.18 million, a placing with existing and new investors of £1.25 million and an open offer totalling £0.53 million. The funds are being used to further customer and proprietary product development, expand contract manufacturing activities and capabilities and for working capital including the repayment of the Norgine Ventures Bond Facility.
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. In addition, the Company remains engaged in the process to address questions from its notified body for the ChondroMimetic® CE mark consistent with our previously stated plans.
Jamal Rushdy, CEO, commented: "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."
The Company will announce its interim results for the six months to 30 September 2019 on Tuesday, 3 December 2019.
Collagen Solutions Plc |
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Jamal Rushdy, CEO | Via Walbrook | |||
Hilary Spence, CFO |
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Cenkos Securities Plc (Nominated Adviser and Broker) |
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Giles Balleny (Corporate Finance) | Tel: 0207 397 8900 | |||
Max Gould |
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Walbrook PR Ltd | Tel: 020 7933 8780 or collagen@walbrookpr.com | |||
Anna Dunphy | Mob: 07876 741 001 | |||
About Collagen Solutions:
Collagen Solutions Plc is a global supplier, developer, and manufacturer of medical grade collagen, tissues, and related medical devices and components for use in regenerative medicine, tissue engineering, and research. The Company is also expanding its range of biomaterials-based finished medical devices based on its internal and acquired intellectual property for commercialisation with partners via licensing and distribution arrangements, including ChondroMimetic®. The Company's products are used in a wide variety of applications including orthopaedics, cardiovascular, dental, plastic surgery, wound healing, neurology and urology.
For more information go to: www.collagensolutions.com