Released: Monday 13th July 2015

RNS & Investor News

13 July 2015

Final Results for the year ended 31 March 2015

Collagen Solutions plc (AIM: COS), the developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, announces its final results for the year ended 31 March 2015.

Financial Highlights

• Net funds of £5.4 million raised in an over-subscribed equity placing in December 2014
• Strategic acquisition of Southern Lights Ventures 2002 Limited (Southern Lights Biomaterials or SLB) based in New Zealand
• Revenue and other income increased to £1.04 million (2014: £0.02 million)
• Adjusted LBITDA (before separately identifiable items): £689,816 (2014: £388,269)
• Net cash balances at 31 March 2015: £3.4 million (2014: £1.49 million)

Operational Highlights

• Customer announcements of biomaterials supplied to Globus Medical Inc., Desu Medical, Kyeron Medical Innovations and Novabone Products LLC
• Smooth integration of management teams in Glasgow, San Jose and New Zealand
• Management team strengthened by appointment of Geoff Bennett as Chief Business Officer and the appointment of Prof. Robert Brown, UCL, as exclusive consultant and member of Scientific Advisory Board

Post Period End

• New patent granted to Southern Lights Biomaterials for the novel processing of pericardium providing benefits for heart surgery patients.
• Tom Hyland appointed as Chief Operating Officer
• Innovate UK Grant Award with The Electrospinning Company Limited to develop a novel bio-synthetic substance for internal wound healing

Annual General Meeting

• The Company's AGM will be held at the offices of Shepherd and Wedderburn LLP, 191 West George Street, Glasgow G2 2LB on 24 August 2014 at 10:00 am

Dr Stewart White, Chief Executive Officer of Collagen Solutions, commented:

“I believe the Collagen Solutions Group is now an industry-recognised global force in the provision of value-added medical grade collagen biomaterials. The acquisition of Southern Lights Biomaterials cements our position by bringing an impressive customer base, providing surety of supply and commercial experience in the Asian markets. The Group now has a significant number of commercial opportunities to add to its already de-risked business model.

Our aim of attaining a valuation of £100 Million by 2020 is certainly closer not only due to M&A activities, but also through the normal course of our business, evidenced by the customer-related announcements we have made in the period. The assessment and plans for commercialisation of our own, and licensed-in IP continues, with the benefit of potential channels to market via an interested and existing customer base and network with which to partner.”

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