- Collagen Solutions' revenue and other income increased to £3.24 million in the year to the end of March - up from £1.04 million last time and ahead of guidance of £2.8 million in January.

The group reports adjusted LBITDA (before separately identifiable items of £410,016 (2015: £689,816) and net cash of £2.49 million (2015: £3.39 million).

Operational highlights

- Southern Lights Biomaterials acquisition realised value and significant growth

- Exclusive IP licence and acquisition of assets for the ChondroMimetic pipeline

- US patent granted for novel processing of pericardium for heart valve replacement

- Participation in various collaboration projects with leading academic and industry partners

- New distribution channels set up with Sigma, a part of Merck KGaA, and BBI Solutions

- Further expansion of global customer and raw materials sourcing base

- Increased investment in global R&D facilities and in global sales and marketing operations

Chief executive Jamal Rushdy said: : "Our focused strategy is to scale our commercial platform, and develop finished devices through both internal development and acquired technologies, such as the ChondroMimetic platform, that we will commercialise via licensing and distribution partnerships.

"We strengthened and grew our core biomaterials supply and manufacturing business resulting in a full year of solid results from our acquired Southern Lights Biomaterials business, and we have also executed new customer agreements and continue to establish a global commercial organisation focused on core business growth.

"The past year was transformational for the Company in terms of a step change in scale, product and technology breadth, and organisational development. This has given us a strong foundation as we continue to make progress in the current financial year, with clear and specific strategic initiatives, an engaged management team and a shared vision: to become the industry's first choice for regenerative biomaterials."

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