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CollPlant Achieves Milestone and To Receive $10 Million From AbbVie in Accordance with its Regenerative Dermal Filler Product Collaboration Agreement
REHOVOT, Israel, June 26, 2023 /PRNewswire/ -- CollPlant Biotechnologies (NASDAQ: CLGN), a regenerative and aesthetics medicine company developing innovative
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"REHOVOT, Israel, June 26, 2023 /PRNewswire/ -- CollPlant Biotechnologies (NASDAQ: CLGN), a regenerative and aesthetics medicine company developing innovative technologies and products based on its non-animal-derived collagen for tissue regeneration and organ manufacturing, today announced the achievement of a milestone with respect to the clinical phase dermal filler product, according to its agreement with AbbVie for the development of a regenerative dermal and soft tissue filler product. According to the agreement, the achievement of this milestone triggers a $10 million payment from AbbVie to CollPlant. \n\n \n \n \n \n \n \n\n \nIn 2021, CollPlant and AbbVie entered into an exclusive worldwide development and commercialization agreement for dermal and soft tissue filler products for the medical aesthetics market, using CollPlant's recombinant human collagen (rhCollagen) technology.\nCollPlant has granted AbbVie a worldwide exclusive license to use its rhCollagen technology in combination with AbbVie's proprietary technologies, for the production and commercialization of dermal and soft tissue fillers.\nYehiel Tal, Chief Executive Officer of CollPlant, stated, \"We are very pleased with the significant progress made with the dermal filler program and the achievement of this milestone. The collaboration with AbbVie provides us with the opportunity to co-develop what could be the first aesthetic product utilizing our rhCollagen with a worldwide leader in biopharmaceutical health. CollPlant's rhCollagen is non-immunogenic and non-allergenic, and enables tissue regeneration. Hence, we believe that the regenerative dermal filler under development could create a paradigm shift in the medical aesthetics field.\"\nMr. Tal continued, \"This achievement further validates CollPlant's technology as the 'gold-standard' collagen for regenerative and aesthetic medicine. We are extremely excited to have advanced this program to address a market estimated at $5.5 billion in annual sales, with a projected 10% compounded annual growth rate. We look forward to continuing a highly productive partnership as we drive the program towards potential commercialization.\"\nIn 2021, CollPlant received an upfront payment of $14 million in accordance with the terms of the agreement. In addition to the $10 million current milestone payment, CollPlant is als...