13th Jul 2015 09:10
LONDON (Alliance News) - Collagen Solutions PLC on Monday said its pretax loss widened in its 2015 financial year due to the ramping up of its operations and said it will focus on further expansion in its current financial year.
The collagen components manufacturer said its pretax loss for the year to the end of March was GBP1.1 million, up from GBP479,998 a year earlier, as increases in costs across the board offset a big jump in revenue to GBP972,846, up from GBP24,023.
The rise in revenue for the company came on the back of a series of biomaterials orders from the likes of Globus Medical Inc, Desu Medical, Kyeron Medical Innovations and Novabone Products LLC.
Post the end of its financial year, Collagen Solutions secured a new patent for processing of pericardium to provide benefits to heart surgery patients, and it recently secured a grant from the UK government's Innovate UK body to develop a bio-synthetic substance for internal wound healing.
The company intends to continue expanding in its 2016 financial year and will look to develop collaborative relationships with major players in the regenerative medicine sector.
"I believe the Collagen Solutions Group is now an industry-recognised global force in the provision of value-added medical-grade collagen biomaterials. The group now has a significant number of commercial opportunities to add to its already de-risked business model," said Chief Executive Stewart White.
Shares in the company were up 2.7% to 9.5001 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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