COLLAGEN Solutions has recorded operating losses of almost £480,000.
The collagen manufacturer, which has its main site in Glasgow, only booked £24,023 of revenue in the 12 months to March 31 this year.
Collbio bought assets from failed Scottish life sciences firm Angel Biotechnology in March last year then did a reverse takeover of AIM-listed investment company Healthcare Investment Opportunities in December.
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The directors said they aim to create a biomaterials business valued at £100 million by 2020.