Business
CollPlant Biotechnologies Reports First Quarter 2021 Financial Results with Record Revenues of $14.5 Million
Operating income for Q1 2021 increased to $10 million Strong balance sheet with $49.7 million cash position REHOVOT, Israel, May 27, 2021 /PRNewswire/ --
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"Operating income for Q1 2021 increased to $10 million\n Strong balance sheet with $49.7 million cash position\n\n\nREHOVOT, Israel, May 27, 2021 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative and aesthetic medicine company, today announced financial results for the first quarter ended March 31, 2021 and provided an update on the Company's business developments. \n\n \n \n \n \n \n \n\n \nCollPlant reported revenues of $14.5 million for the first quarter of 2021, a 2,281% increase from the $609,000 recorded in the first quarter of 2020 resulting primarily from the $14 million upfront payment received from Allergan Aesthetics, an AbbVie company, in connection with the development agreement entered into in February 2021. GAAP net income for the first quarter of 2021 was $10.1 million compared to a comprehensive loss of $1.6 million for the first quarter of 2020. The Company ended the first quarter of 2021 with $49.7 million in cash and short term cash deposits.\nFirst Quarter Corporate Highlights \nEntered into strategic development agreement potentially worth up to $103 million in upfront and milestone payments, plus royalties and transfer pricing with Allergan Aesthetics, an AbbVie company, for rhCollagen in the use of dermal and soft tissue filler products. Allergan is the leading provider of dermal fillers, a market projected to reach $10 billion by 2026 Company's ordinary shares have been approved for uplisting to NASDAQ Global Markets® effective upon the open of trading on June 4, 2021 together with transition from trading of ADS to trading of ordinary shares Raised $35 million through a registered direct offering priced at $17.50 per ADS Hugh Evans, additive manufacturing executive, joined board of directors, increasing independent members to six \"We are off to an excellent start to 2021 with strong performance across our core regenerative and aesthetics areas,\" said Yehiel Tal, Chief Executive Officer of CollPlant. \"Our high-value collaboration with Allergan Aesthetics, an AbbVie company, which came with substantial future potential milestone payments, continues as planned. We are creating a paradigm shift in medical aesthetics by combining our plant-derived recombinant human collagen (rhCollagen) with Allergan's proprietary technology creating regenerative dermal and soft tissue filer products.\"\n\"Developmen...