Glasgow-founded biotech business Collagen Solutions Plc has trimmed its board to six with Lou Ruggiero, chief business officer, and Tom Hyland, chief operating officer, stepping back as directors.
However, Ruggiero’s role with the company will remain unchanged, while Hyland will transition to a chief technical adviser role in a consulting capacity. The company does not plan to backfill the chief operating officer position.
Chris Brinsmead, chairman of Collagen Solutions, said: “As the company is preparing for its next stage of growth the time is right to adjust to a slimmer, more efficient executive team and board.
“The executive team is highly focused on upgrading our production capabilities, strengthening our technical excellence, and organising the company around meeting the growing demand for biomaterials product supply, development and contract manufacturing. By streamlining the board, this enables the executive team to focus on these critical activities, whilst ensuring effective and efficient governance and support of the board.”
Collagen Solutions develops medical grade collagen, tissue components and regenerative medicines to be used during surgery. US tech entrepreneur Wade Rosen joined the board as a non-executive director in June after investing more than £4 million.