StockMarketWire.com - Collagen Solutions' revenue and other income remained flat in the six months to the end of September at £1.86m (H1 2016: £1.89m).

Losses before interest, tax, depreciation and amortisation increased to £0.96m (H1 2016: £0.71m) and pre-tax losses widened to £1.38m (H1 2016: £0.98m).

The group had cash and cash equivalents of £6.74m at 30 Sep - down from £8.98m at the end of March. Chief executive Jamal Rushdy said: 'We have made good progress in the first half of the financial year both in advancing and improving our sales pipeline and increasing our customer base.

'We also achieved important operational milestones by opening our new US headquarters in Minneapolis and tripling our pericardium tissue supply base.

'Also, we are pleased that we completed patient assessments for the ChondroMimetic study, targeting release of data in Q1 2018 and CE mark submission shortly thereafter, whilst continuing with partnering discussions.

'The Board remains confident of the Company increasing shareholder value over the long term whilst mindful of revenue timing with some customers over the next period.

'We are highly focused in managing through these challenges and are confident of executing on our sales pipeline, hitting key milestones in 2018 and the long term prospects for the Company.'




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