Glasgow-based Collagen Solutions PLC has been awarded a grant of up to £1.54m from the Scottish government as part of plans to grow the life sciences sector in the country.
The grant will cover more than a third of Collagen’s expected R&D costs – estimated to be in the region of £4m – over the next three years.
“We are delighted that the Scottish Government, via its enterprise agency Scottish Enterprise, recognises that Collagen Solutions can help its vision of driving life sciences to an £8bn sector by 2025 and to this end is committing to invest significant funds into the Company,” said chief executive Jamal Rushdy.
“We are tremendously excited to have this support for the next generation of proprietary products in order to deliver value for the Scottish life sciences economy and our shareholders, as well as to support our mission to improve patients’ quality of life worldwide.”
The grant is part of the Scottish government’s plans to grow the life sciences sector from £5bn to £8bn by 2025.
Collagen shares surged 12% to 3.25p on the back of the news.
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