Past year 'transformational'
Collagen chairman buys shares as losses narrow
He now owns 16,003,730 shares representing 9.3% of the Glasgow company which unveiled narrowed losses and more than trebled revenue to £3.24m from £1.04m.
The figures include a first full-year contribution from New Zealand’s Southern Lights Biomaterials, following its reverse takeover in December 2014.
Collagen posted a £1.1m loss for the year-ending 31 and adjusted LBITDA (before separately identifiable items) oif £410,016 (2015: £689,816).
Post the results Jamal Rushdy was appointed chief executive with Dr Stewart White assuming the role of chief scientific officer.
A joint venture set up with Cre8ive in April 2016 to exploit distribution channels in China.
Mr Rushdy said: “Our focused strategy is to scale our commercial platform, and develop finished devices through both internal development and acquired technologies, such as the ChondroMimetic platform, that we will commercialise via licensing and distribution partnerships.
“We strengthened and grew our core biomaterials supply and manufacturing business resulting in a full year of solid results from our acquired Southern Lights Biomaterials business, and we have also executed new customer agreements and continue to establish a global commercial organisation focused on core business growth.
“The past year was transformational for the company in terms of a step change in scale, product and technology breadth, and organisational development. This has given us a strong foundation as we continue to make progress in the current financial year, with clear and specific strategic initiatives, an engaged management team and a shared vision: to become the industry’s first choice for regenerative biomaterials.”