Collagen Solutions scores £1.5m Scottish government grant

Collagen Solutions was awarded a £1.54m research & development grant from Scottish Enterprise, the national economic development agency of the Scottish Government.

The funds are intended to support the Glasgow-headquartered biomaterials and regenerative medicines company's future investment of up to £3.96m across its next generation proprietary product development pipeline as part of Scottish Government's objective to invest in and grow the country’s life sciences sector from £5bn to £8bn by 2025.

Jamal Rushdy, chief executive of Collagen Solutions, said: "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."

The AIM listed company said the grant supports projects that will lead to innovative new products, processes and services to improve company competitiveness and, therefore, the Scottish economy.

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."

Collagen Solutions’ shares were up 5.17% at 3.05p at 1630 GMT.