Released: Monday 10th June 2013

Collbio, a new company set up in March this year by leading life science financiers Diagnostic Capital Ltd, together with former senior management team members Stewart White and Ross Andrews is pleased to announce the completion of an initial fundraising in excess of £250,000 from a number of private investors.  The new funds will primarily be used for working capital to enable the business to generate revenue via the provision of collagen raw materials and contract manufacturing services.

Stewart White, CEO, said "We are extremely pleased the initial investment round has gone so well and believe this reflects the robustness of our business model and the significant opportunity provided by Collbio for investor return. Itfollows the signing of our first major contract with US-based Cardium Therapeutics for the manufacture of formulated collagen for Cardium’s FDA approved Excellagen® product. More than ever it is becoming apparent that companies utilising collagen biomaterials require secure and reliable raw material supply, together with the expertise and quality control systems to convert these materials into products.  Collbio is able to provide this level of support to customers from the initial phase of product formulation, through to manufacture of the device itself."

Alex Clarkson, CEO of Diagnostic Capital said, "We are really pleased with the progress already made by Collbio and the abilities of the team and that we have been able to secure investment from a group of prominent high net worth individuals."