The supplier, developer and manufacturer of medical-grade collagen and tissue components said it closed eight new deals compared with two in the same period last year.
In a busy six months to September 30, the company completed patient assessments with eight-year follow up data for our ChondroMimetic cartilage scaffold.
It also relocated its US headquarters to Minneapolis, where it now shares a base with the R&D and commercial teams.
In China it has received import clearance for its biomaterials and achieved its first customer supply agreement.
Grants aid research effort
The research effort will benefit from grant funding of £884,000 (€1mln). Its two Horizon 2020 programmes are related to cell-based tissue regeneration techniques and a collagen-based drug delivery system for the treatment of Parkinson's disease.
Turning to the financials, revenue was flat year on year at £1.86mln, while the company posted an operating loss of £960,000 for the period; not uncommon for a business at this stage of its commercial development.
More importantly, Collagen is well finance with £6.74mln in the bank at the period-end.
“The board remains confident of the company increasing shareholder value over the long term whilst mindful of revenue timing with some customers over the next period,” said chief executive Jamal Rushdy.
“We are highly focused in managing through these challenges and are confident of executing on our sales pipeline, hitting key milestones in 2018 and the long term prospects for the company."