Business
CollPlant Reports First Quarter 2019 Financial Results and Provides Business Update
REHOVOT, Israel, May 30, 2019 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative medicine company, today announced financial results for the first
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"REHOVOT, Israel, May 30, 2019 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative medicine company, today announced financial results for the first quarter ended March 31, 2019 and provided an update on the Company's business developments. Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures. See \"Use of Non-IFRS (non-GAAP) Measures\" below.\nCollPlant reported revenues of $594,000 for the first quarter of 2019. The Company ended the first quarter of 2019 with $3.7 million in cash and cash equivalents. Comprehensive loss for the first quarter of 2019 was $2.0 million on a GAAP basis, or adjusted comprehensive loss of $1.2 million, on a non-GAAP basis.\n\"During the first quarter of 2019, we continued advancing our 3D bioprinting business. We are moving forward with development activities with various biotechnology and medical device companies that are using CollPlant's rhCollagen based BioInk for bioprinting organs and tissues. We are very pleased to collaborate with United Therapeutics Corporation (NASDAQ: UTHR) which is using CollPlant's rhCollagen-based BioInk to 3D bioprint lung scaffolds with the longer-term goal of manufacturing an unlimited supply of transplantable lungs for patients with serious medical conditions,\" said Yehiel Tal, CollPlant's Chief Executive Officer.\n\"In the medical aesthetics market, we are moving forward with the development of a new dermal filler product line, addressing the need for more innovative aesthetic products to treat wrinkles. CollPlant is advancing collaborations with leading companies in this segment. Our new product line will be based on the combination of hyaluronic acid, a naturally-occurring, moisture-binding compound, with our plant-based, tissue regenerating rhCollagen. As part of this activity, we supplied our first material rhCollagen order into the aesthetics market during the first quarter of 2019,\" added Mr. Tal.\n\"Recently, we launched a new headquarters and R&D center in Rehovot, Israel. The new R&D facility will serve CollPlant in the development of its product pipeline, including BioInks for 3D bioprinting of tissues and organs, and dermal fillers for medical aesthetics. During the first quarter, we welcomed U.S. based specialty pharma executive Jonathan M.N. Rigby as Chairman of our Board. We also continued to see clini...