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Collagen Solutions plc excited about ChondroMimetic progress as revenues grow

Revenue and other income was up by 30% to around £1.89mln versus £1.46mln in the same period last year.
Collagen Solutions plc excited about ChondroMimetic progress as revenues grow
ChondroMimetic is a collegen based implant to treat small cartilage and underlying bone defects.

Collagen-based biomaterials manufacturer Collagen Solutions PLC (LON:COS) is confident it can grow its revenue five times within the next five years, it said in latest half year results.

The six months to end September has seen considerable progress, it said, with continued momentum in its core biomaterials supply and manufacturing business leading to increased turnover.

Revenue and other income was up by 30% to around £1.89mln versus £1.46mln in the same period last year. The  pre-tax loss widened to around £983,000 from a loss of £356,000.

Of particular excitement is progress with its lead ChondroMimetic programme - one of three "finished device" projects , which the group is embarking on.

In 2015, Collagen acquired the assets and an exclusive worldwide licence for ChondroMimetic from Orthomimetics Limited (OL) and Cambridge Enterprise (CE).

It is a collagen-based implant to treat small osteochondral (cartilage and underlying bone) defects. The addressable market is estimated to be  over US$500 million.

The firm is now about to start a six-year retrospective study with new data to demonstrate long-term tissue regeneration with 3D MRI analysis as well as sustainability of the early positive functional results, as well as obtain the CE mark in 2017, it told investors.

Collagen appointed new chief executive Jamal Rushidy in May of this year and the company has started to see the benefits of the new strategy.

He said: "We now have greater clarity and visibility not only into our core business and near-term pipeline, but also with respect to specific strategic initiatives. Over the coming years, these initiatives will build upon the strong foundation of customers, people and technologies we have developed since the inception of the group."

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