Business
CollPlant Biotechnologies Announces Third Quarter Financial Results for 2023
Received a $10 million milestone payment in the third quarter from partner, AbbVie Inc., for achieving a major milestone in the second quarter in accordance
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"Received a $10 million milestone payment in the third quarter from partner, AbbVie Inc., for achieving a major milestone in the second quarter in accordance with the strategic collaboration agreement related to the clinical-phase dermal filler product candidateCompany is preparing to launch large-animal study with a commercial size breast implant by year-endCash and cash equivalents totaled $29 million as of September 30, 2023, representing an estimated cash runway of at least two yearsRevenues of $10.7 million and operating loss of $2.4 million for the first nine months of 2023Conference call to be held on November 29, 2023, at 10:00 am U.S. ET; Dial-in information hereinREHOVOT, Israel, Nov. 29, 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 financial results for the third quarter ended September 30, 2023, and provided a corporate update on its programs.\n\n \n \n \n \n \n \n\n \n\"This quarter, we continued to steadily advance our programs with modest cash use,\" said CollPlant's Chief Executive Officer, Yehiel Tal. \"We are advancing our regenerative breast implants program, and plan to initiate by the end of this year an animal study with commercial size implants. With AbbVie, we continue to make progress with the dermal filler candidate, and, in addition, we were pleased to announce earlier this month that a U.S. patent was granted related to our photocurable dermal filler product candidate. We plan to continue our momentum towards the completion of important upcoming milestones for which we are entitled to associated payments, that will support our continued robust cash position\". \nThird quarter and recent corporate highlights\nProgram developments and collaboration updates\nDermal and Soft Tissue Filler – At the end of the second quarter, CollPlant announced the achievement of a milestone with respect to the dermal and soft tissue filler product candidate, in accordance with its collaboration agreement with AbbVie. Per the agreement, the achievement of this milestone triggered a $10 million payment from AbbVie to CollPlant that was received in the third quarter. CollPlant has the potential to receive addit...