07 January 2019
Award of £1.54 million Scottish Enterprise Grant
Non-Dilutive Funding to Support Growth Strategy
Collagen Solutions plc (AIM: COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, announces that it has been awarded a research and development (R&D) grant from Scottish Enterprise, the national economic development agency of the Scottish Government which aims to deliver a significant, lasting effect on the Scottish economy. The grant totals £1.54m to support the Company's future investment of up to £3.96m across its next generation proprietary product development pipeline.
This grant will help fulfil the Scottish Government's stated objective to invest in and grow the life sciences sector in Scotland from £5bn to £8bn by 2025. Specifically, the R&D grant supports projects that will lead to innovative new products, processes and services to improve Company competitiveness and benefit the Scottish economy.
The grant, awarded after an extensive period of due diligence by Scottish Enterprise, will fund c.39% of the development costs of several early-stage and future proprietary product R&D programmes to fuel Collagen Solutions' growth in the medium to longer term. The funding is available for specific areas of project related spend over a three-year period from 12th November 2018 and was formally signed today.
Anke Heggie, director of company growth at Scottish Enterprise said: "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."
Commenting on the grant, Jamal Rushdy, CEO says: "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. 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."
|Collagen Solutions Plc||Via Walbrook|
|Jamal Rushdy, CEO|
|Hilary Spence, CFO|
|Cenkos Securities Plc (Nominated Adviser and Broker)|
|Steve Cox (Corporate Finance)||Tel: 0207 397 8900|
|Walbrook PR Ltd||Tel: 020 7933 8780 or email@example.com|
|Anna Dunphy||Mob: 07876 741 001|
|Helen Cresswell||Mob: 07841 917 679|
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.