New Zealand Coastal Seafoods (ASX:NZS) announced financial results for the quarter ended 30 September 2022.

Successful commercialisation of new hydrolysed marine collagen powder enables the Company to service therapidly growingglobal nutraceutical market.

Commercialisation follows development of a more efficient and cost-effective process for collagen extraction from ling maw.

Extraction trials utilising the process significantly exceeded expectations.

Commercial production underway with clinical trial initiatives planned to commence shortly -sales discussions with multiple parties are well advanced.

R&D tax rebate of NZ$264,444 (AU$238,000) from the Callaghan Innovation and NZ Inland Revenue Department secured for ongoing R&D work.

Cash receipts of NZ$1,045,639(AU$938,000) reported for the quarter -highlights a significant increase on the previous period (June 2022 quarter: NZ$239,928) and a 7.6% rise on the previous corresponding period (Q1 FY22cash receipts: NZ$971,614).

Binding share purchase agreement secured to acquire 100% of Nine Ocean Group subject to shareholder approval, a leading fishing and seafood product distributor in Cairns, Australia.

The proposed transaction is a strong earnings accretive opportunity with a number of additional synergies and benefits.

Memorandum of Understanding secured with leading healthcare products distributor to progress clinical trial into marine collagen product.

Following the announcement the company?s share price rose 33.333%.