Glasgow-based Collagen Solutions PLC (LON:COS) has been awarded a grant of up to £1.54mln from the Scottish government as part of plans to grow the life sciences sector in the country.
The grant will cover more than a third of Collagen’s expected R&D costs – estimated to be in the region of £4mln – over the next three years.
WATCH: Collagen Solutions receives £1.54mln grant from Scottish government
“We are delighted that the Scottish Government, via its enterprise agency Scottish Enterprise, recognises that Collagen Solutions can help its vision of driving life sciences to an £8bn sector by 2025 and to this end is committing to invest significant funds into the Company,” said chief executive Jamal Rushdy.
“We are tremendously excited to have this support for the next generation of proprietary products in order to deliver value for the Scottish life sciences economy and our shareholders, as well as to support our mission to improve patients' quality of life worldwide.”
READ: Demand for Collagen Solutions’ products surges in first half
Anke Heggie, director of company growth at Scottish Enterprise added: "Life Sciences is a key growth sector for Scotland, with significant potential in terms of research capabilities and job creation.
“We're pleased to support Collagen Solutions in its continuing R&D work, which will help the company to grow and deliver economic benefits for the people of Scotland.”
Collagen shares surged 12% to 3.25p on the back of the news.