Glasgow based Collagen Solutions is to raise £8m through a new share placing with new and existing investors.
Collagen Solutions plc is a developer and manufacturer of medical grade collagen components for use in regenerative medicine.
The Company also announced it has received a conditional commitment from Norgine Ventures to subscribe up to £4.0 million in secured private bonds with Warrants.
Commenting on the Transaction, Jamal Rushdy, CEO of Collagen Solutions said: “This strategically important funding round strengthens our balance sheet and provides the resources to accelerate our core biomaterials and tissue business. Furthermore, the capital will provide the Company with the opportunity to fund the development of a range of exciting new products for use in the rapidly emerging field of regenerative medicine. We are appreciative of the support from both existing and new shareholders, and to our stakeholders and global staff in the UK, US, South Korea, and New Zealand. We look forward to updating the market about our progress as we embark on this exciting phase of the Company’s development.”
