A SCOTS biomaterials maker has been backed by significant funding from one of the US’s largest beef processing firms.
Collagen Solutions has received investment of £4.18 million from Rosen’s Diversified Inc, a multi-billion dollar family-owned food production, agrichemicals and distribution business, to support the business growth.
Collagen is also undertaking a placing and open offer, and said the combination of this and the Rosen backing will raise up to £6m.
The biomaterials manufacturer was initially formed as part of Glasgow sausage skin maker Devro in 2008. RDI operates the fifth largest beef processing company in the US, the American Foods Group.
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Jamal Rushdy, of Collagen Solutions, said: “This funding round will support continued growth of our core business, including our supply of collagen and tissue biomaterials as well as new product development contracts activity, providing the Company a solid foundation over the next several years.
“We are very appreciative of the support from our shareholders, and the continued engagement and hard work from our global employee base that has contributed to significantly strengthening our business and advancing our product development programmes
”The subscription with RDI is accompanied by a supply agreement with Scientific Life Solutions - a subsidiary of RDI - for the supply of tissue.
Collagen, which has a manufacturing facility in Glasgow, said the investment in the firm will provide accelerated access to animal tissue-related biomedical products.
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