Collagen Solutions PLC China update (9337E)
February 15 2018 - 2:00AM
UK Regulatory
TIDMCOS
RNS Number : 9337E
Collagen Solutions PLC
15 February 2018
15 February 2018
Collagen Solutions Plc
(the "Company" or the "Group")
China Update
Collagen Solutions plc (AIM: COS), the developer and
manufacturer of medical grade collagen and tissue components for
use in regenerative medicine, including orthopaedic, dental, wound
care, and cardiovascular applications, provided an update on its
Chinese operations.
Over the course of 2017 the Company established a solid
foundation in terms of its China market entry strategy through its
joint venture with China Resources & Investment Limited (known
as "Cre8ive"), who have been instrumental in securing the Company's
product import pathway into China and securing initial
customers.
Key highlights of these accomplishments include:
-- Obtaining import clearances for Collagen Solutions'
biomaterials from both UK and New Zealand,
-- Completing a joint market assessment for collagen medical
products identifying over 4 billion RMB end-market opportunity(1)
,
-- Developing an initial pipeline of specific and attractive customer opportunities, and
-- Closing the first two supply agreements with Chinese
customers, currently in the pre-CFDA submission phase
Following these promising milestones, and a detailed review of
opportunities and resource needs going forward, Collagen Solutions
has determined a plan for next steps to maximise future market
opportunities.
Collagen Solutions engaged a new Shanghai-based firm
specialising in the matching of foreign medical device companies
with first-tier distributors across China. In addition, Collagen
Solutions and Cre8ive have mutually agreed to terminate the joint
venture such that Collagen Solutions now owns 100% of the Chinese
subsidiary, whilst Cre8ive will continue to provide in-country
support services to Collagen Solutions. This new arrangement will
allow the Company more flexibility in engaging with and providing
technical support to commercial partners in China to take advantage
of opportunities within this important territory.
Commenting on this announcement, Jamal Rushdy said: "We are
pleased with our initial progress in China and appreciative of
Cre8ive's efforts in securing an effective importation pathway for
our materials business and securing our first two customers. This
new arrangement is critical to the development of Collagen
Solutions' sales and distribution channels within China and is well
aligned with the 'Chinese culture' of successfully engaging with
partners. We are optimistic regarding the potential to realise
growth from this significant market and look forward to providing
further updates as they develop."
Collagen Solutions Plc
Jamal Rushdy, Chief Executive Officer Tel: 07721 413 496 or lisa.baderoon@collagensolutions.com
Hilary Spence, Chief Financial Officer
Lisa Baderoon, Head of Investor Relations
Cenkos Securities plc (Nominated Adviser and Broker) Tel: 0207 397 8900
Stephen Keys
Steve Cox
Walbrook PR Tel: 020 7933 8780 or collagen@walbrookpr.com
Anna Dunphy Mob: 07900 608 002
1 Internal Company research and Med Qiao Group LLC
This information is provided by RNS
The company news service from the London Stock Exchange
END
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