Glasgow-based life sciences firm Collagen Solutions has handed options over 2.7 million shares to new chief executive Jamal Rushdy.
Rushdy, who succeeded previous boss Stewart White in May, will be able to buy the shares – equivalent to a 1.6 per cent stake in the company – for 8.125p a piece if Collagen’s share price tops 30p within the next ten years.
Shares in Aim-quoted Collagen, which develops components for use in regenerative medicine and medical devices, closed at 8.25p yesterday.
Earlier this week, the company said its annual sales had more than trebled following a “transformational” year.
Revenues rose to £3.1 million in the year to the end of March, up from £972,846 a year earlier and ahead of the £2.8m figure it predicted in January.