Collagen Solutions PLC Trading Update & Notice of Results (6124Q)
October 22 2019 - 1:00AM
UK Regulatory
TIDMCOS
RNS Number : 6124Q
Collagen Solutions PLC
22 October 2019
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 GBP2.23m (H1 2018: GBP1.95m),
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 GBP5.96m
gross of costs made up of a strategic investment by Rosen's
Diversified Inc of GBP4.18 million, a placing with existing and new
investors of GBP1.25 million and an open offer totalling GBP0.53
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(R) 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
Jamal Rushdy, CEO Via Walbrook
Hilary Spence, CFO
Cenkos Securities Plc (Nominated
Adviser and Broker)
Giles Balleny (Corporate Finance) Tel: 0207 397 8900
Max Gould
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(R). 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
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END
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