Collagen Solutions PLC (LON:COS) has taken another step into the wound healing product market after signing a development and manufacturing agreement with Smart Matrix.
Collagen and Smart Matrix will work together to develop and manufacture an advanced wound care scaffold.
The Smart Matrix, which is the name of the product as well as the company, is a sponge-like technology that encourages the growth of skin cells and blood vessels in deep wounds where the dermis – the deepest layer of skin – is lost.
Unlike current scaffolds, the Smart Matrix isn’t expected to require the use of an overlaying skin graft, which Collagen said will “make it a significant product” in the potentially lucrative wound care market.
The global regenerative wound healing product market is estimated to be worth US$3.8bn and Collagen Solutions believes it will be “a growth area” for both manufacturing and product development opportunities going forward.
“Our activities in the wound care space are increasing, and partners such as Smart Matrix can benefit from our expertise in the manufacture of biomaterial based tissue scaffolds,” said Collagen chief executive Jamal Rushdy.
“This partnership is consistent with our early stage development activities with partners, with the benefit of recurring revenues from the project to be realised in future years when Smart Matrix is in full commercial production, subject to regulatory approvals.”
Shares closed higher at 5p on Friday.