New market opens
Collagen signs deal to develop wound product
The global regenerative wound healing product market is estimated to be worth $3.8bn and the Glasgow company believes this will be a growth area.
Smart Matrix has developed technology that encourages the growth of skin cells and blood vessels into the wound and helps the body close skin-loss injuries, such as acute surgical wounds, where the deepest layer of the skin (the dermis) is lost.
Preliminary clinical data suggests that, unlike currently available products, Smart Matrix is not expected to require an overlaying skin graft, which would make it a significant product in this market.
Jamal Rushdy, chief executive of Collagen Solutions said: “We are excited to announce this new partnership with SML’s team at a very exciting stage of its growth.
“Our activities in the wound care space are increasing, and partners such as SML can benefit from our expertise.
“This partnership is consistent with our early stage development activities with partners, with the benefit of recurring revenues from the project to be realised in future years when Smart Matrix is in full commercial production, subject to regulatory approvals.”
Smart Matrix was spun out of the Restoration of Appearance and Function Trust, a medical research charity based at Mount Vernon hospital, Middlesex, in late 2011.
Andy Hill, CEO of the company, said: “For an early stage medical device business like SML, identifying and choosing the right partners early is critically important.
“Our manufacturing needs are very specific and require a high level of skill and expertise that we know Collagen Solutions has.
“We are delighted to have been able to enter into this important partnership as we take our first steps on the path to commercialising Smart Matrix and look forward to collaborating closely with the Collagen Solutions team.”