Shares in Collagen Solutions PLC (LON:COS) rose 13% after it unveiled a partnering deal in South Korea.
Insung Medical will help commercialise the UK firm’s flagship product, ChondroMimetic. This is a minimally-invasive, surgically-placed scaffold for the repair of cartilage defects in the knee.
READ: Collagen Solutions makes good progress in "advancing and improving" sales pipeline
Collagen Solutions is expecting results from an eight-year clinical extension study of the product in the first-quarter of next year.
Chief executive Jamal Rushdy said: "We are delighted to announce our first partnering deal with Insung Medical, providing early validation of the global commercial opportunity of ChondroMimetic.
READ: Collagen Solutions putting finishing touches to eight-year study of cartilage product
“Insung Medical's enthusiasm for the opportunity to commercialise ChondroMimetic in South Korea aligns with our strategy to launch the product to address the unmet need for a simple, cost-effective and long-term clinically effective treatment for cartilage defects."
At 12.15pm, the shares were changing hands for 3.25p each, for a rise of 0.37p.