Glasgow-based regenerative medicine firm Collagen Solutions announced a conditional placing and open offer of shares to raise up to £8 million and said it received a conditional commitment from investor Norgine Ventures to subscribe for up to £4 million in secured private bonds.

Collagen Solutions CEO Jamal Rushdy 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.”