Shares of Glasgow-based Collagen Solutions, a manufacturer of medical grade collagen biomaterials, fell about 12% after it said its revenue and other income increased by 30% to £1.89 million in the six months to September 30 but its pre-tax loss widened to £983,313 from £356,537 for the same period last year.
The company said it had invested in its sales and marketing effort and predicted it could grow its revenue fivefold in five years.
Collagen Solutions CEO Jamal Rushdy said in a statement: “Recent investment in sales and marketing, and in particular talent, systems and processes, has resulted in improved operational efficiency.
“In addition, our integration of R&D efforts globally has resulted in a more focused pipeline of near-term finished device projects that will address major markets in orthopaedics and wound care, including our flagship ChondroMimetic programme.
“We are on track to initiate a six-year retrospective study for ChondroMimetic with new data to demonstrate long-term tissue regeneration with 3D MRI analysis as well as sustainability of the early positive functional results, and in parallel obtain the CE mark in 2017.
“Together, we believe that the progress made during the period set the strategic foundations on which we will base our objective to grow our revenue by 5x within 5 years.”