Collbio Limited purchases assets of Angel Biomedical and secures major contract
Glasgow, March 18th: Collbio, a new company set up by leading life science financiers DiagnosticCapital Ltd, together with former senior management team members Stewart White and Ross Andrews, is pleased to announce that it has acquired the assets of Angel Biomedical Limited.
From its site in Glasgow, comprising both Grade C and Grade B clean rooms, Collbio will focus on manufacturing medical grade collagen components for the regenerative medicine, in-vitro diagnostics and medical device markets.
Stewart White, who becomes CEO of the new company, commented "The growing requirement for collagen worldwide as an established biomaterial across a wide range of therapeutic and diagnostic applications presents exciting opportunities for Collbio Limited. We have already secured our first major contract in the form of a supply agreement with US-based Cardium Therapeutics for the manufacture of formulated collagen for Cardium's FDA cleared Excellagen® product."
Alex Clarkson, principal at Diagnostic Capital agreed: "The underlying strength of the collagen business in particular led to our involvement. With the new set-up and financing in place we believe the business is extremely well placed to become a lead provider for customers in both established and growing markets."
No financial details were disclosed.