Pharma Capital

Collagen Solutions's annual revenue boosted by growth in Asia and Europe

This growth was organic and driven largely by gains in Europe and Asia
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Collagen supplies medical grade material

Growth in both Asia and Europe helped Collagen Solutions PLC (LON:COS) raise revenues by a quarter to £4.1mln in its latest trading year.

This growth was organic and driven largely by gains in Europe and Asia, though North America still provided the bulk of sales at £1.92mln, up 6%.

Asia saw revenue at £1.6mln, up 36%, driven by new business wins and a new commercial manager in Seoul. Europe and elsewhere saw sales rise 190% to £430,000.

WATCH: Collagen Solutions' Jamal Rushdie hails 'significant' growth in Asia-Pacific & Europe

In addition, the supply of pericardium tissue, used for heart valves, grew by 30% with the group strengthening its patent protection in Australia and New Zealand to meet the additional demand.

Losses for the year rose to £1.6mln (£866,000), with cash at the year-end amounting to about £9mln following a funding in February.

Knee cartilage implant ChondroMimetic will be a key focus this year and Collagen recently started a follow-up study to assess its long-term performance,

If the study is successful, finding a partner for the product will be the aim, said Jamal Rushdy, chief executive.

This will likely be in Europe first as it would need to go through the regulatory process in the US.

In Korea, Collagen added it is addressing an issue with one customer that otherwise might affect revenues in 2018/19.

Rushdy added he was pleased with the progress both in the core medical collagen business and  the products pipeline.

Collagen added that co-founder Stewart White, the company’s chief scientific officer and co-founder has stepped down from the board but he will remain on the scientific advisory board.

In afternoon trading, shares in Collagen rose 2.44% to 5.25p.

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