SHARES in biotechnology specialist Collagen Solutions rose by 12 per cent as the company said it is on course to meet its targets this year at its AGM.
The share price of the Glasgow-based developer and manufacturer of medical grade biomaterials and regenerative medicines was up at 4.20p by late afternoon after the 11am meeting.
The climb followed a separate boost this week when its growth prospects in China increased with two distribution deals sealed.
Jamal Rushdy, chief executive of Collagen, said: "We are on track to meet our key initiatives for the year, including achieving financial performance to bring us in line with market expectations.
“Our commercial execution plans are on track, including the recently announced signing of new distribution partners in China and new development agreements closed in the first quarter of this year that offset a previously announced specific risk with a Korean customer."
He also signalled further expansion around the globe, adding: "We also recently completed the initial animal studies for our proprietary bone graft product that will support partner discussions at the upcoming North American Spine Society meeting in September.
“Operationally, our New Zealand restructuring initiative is delivering the expected synergies and benefits, as the assets related to collagen production and R&D have been relocated to the UK and USA respectively with operational set-up and validation underway according to plan.
“The New Zealand team is now fully focused on the tissue business and has already identified several new customer opportunities.
"Finally, we will continue to deliver more visibility and metrics to our investors relating to the value and progress within our core business."
Collagen, initially formed as part of Glasgow sausage skin maker Devro in 2008, also said all its resolutions were "duly passed" at the annual general meeting in the city on Wednesday.
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