Shares rise on US relocation
Founder steps down as Collagen consolidates
Dr Stewart White (pictured) is giving up the role of chief scientific officer and will leave the board at the end of June.
He will remain on call as a consultant and will continue to participate as a member of the company’s scientific advisory board.
Jamal Rushdy, chief executive, said: “I would like to thank Stewart who, as one of the founding members of Collagen Solutions, has been instrumental in the success of the company to date.
“I am delighted that Stewart has agreed to continue as a member of the SAB and that we will continue to benefit from his knowledge and experience going forward.”
Shares in the company, whose European headquarters are in Glasgow, rose 5% to 5.25p as the company said it plans to relocate its US R&D headquarters from San Jose to Minneapolis by September of this year.
The decision means the R&D HQ will be in the same place as its global commercial hub.
The relocation is expected to generate operational cost savings, enabling the company to further invest in its research and development projects.
Mr Rushdy will be joined in Minneapolis by Chris Wattengel as VP Global Research and Development.
“With Chris, myself and my commercial team based in Minneapolis I believe this greater proximity will help serve the needs of our growing North American customer base more effectively,” said Mr Rushdy.