CollPlant Biotechnologies Provides a Corporate Update

Rhea-AI Summary

CollPlant Biotechnologies (NASDAQ: CLGN) announced several corporate updates. The company was granted U.S. Patent No. 12,186,449 for its photocurable dermal filler product candidate, extending protection until May 2039. The patent covers polymerizable solutions containing modified recombinant human collagen (rhCollagen) and other components like hyaluronic acid.

Under its partnership with AbbVie, CollPlant received a $2 million contingent payment. AbbVie is currently reviewing interim results from the first cohort of patients in dermal filler clinical trials initiated in 2023.

The company implemented cost-cutting measures, including a 20% workforce reduction, to extend its cash runway until at least Q2 2026. CollPlant will focus on advancing its product pipeline, particularly the development of its regenerative breast implant product candidate towards clinical phase.

Positive

• Received new U.S. patent for photocurable dermal filler extending protection until 2039
• Earned $2 million contingent payment from AbbVie partnership
• Cost reduction plan extends cash runway until Q2 2026

Negative

• 20% workforce reduction implemented
• AbbVie's dermal filler program next steps pending review, indicating potential uncertainty

Insights

Biotech Financial Analyst

The latest corporate update from CollPlant reveals several strategic developments that warrant careful investor attention. The newly granted U.S. patent for their photocurable dermal filler technology, extending to 2039, significantly strengthens their intellectual property portfolio. This patent specifically covers polymerizable solutions combining modified rhCollagen with hyaluronic acid, creating a dual mechanism of action that enables both tissue regeneration and contouring capabilities.

The $2 million contingent payment from AbbVie signals positive progression in their partnership, though the ongoing review of interim clinical trial results introduces some uncertainty. This payment, while modest, validates CollPlant's technology platform and provides additional working capital. The dermal filler market represents a $4.5 billion global opportunity, with CollPlant's differentiated approach potentially capturing significant market share if successfully commercialized.

The implementation of cost reductions, including a 20% workforce reduction, demonstrates prudent financial management but raises questions about development timelines. The extended cash runway through Q2 2026 provides approximately 16 months of operational capability, which appears sufficient for advancing their regenerative breast implant program toward clinical phase. However, this restructuring may impact the pace of secondary research programs.

The company's focus on the regenerative breast implant product candidate suggests a strategic prioritization of resources toward higher-potential markets. This program represents a unique approach in a segment traditionally dominated by silicone implants, potentially offering improved safety and natural tissue integration.

-  Additional patent granted for photocurable dermal filler
-  Update on AbbVie dermal filler program and achievement of contingent payment
-  Plan for cost reductions in place to extend cash runway

REHOVOT, Israel, Feb. 12, 2025 /PRNewswire/ -- CollPlant Biotechnologies (NASDAQ: CLGN), or 'CollPlant', a regenerative and aesthetics medicine company developing innovative technologies and products based on its non-animal-derived collagen for tissue regeneration and medical aesthetics, today provided a corporate update.

 

Photocurable Dermal Filler Program: Additional Patent Granted

CollPlant today announced it has been granted U.S. Patent No. 12,186,449 related to its photocurable dermal filler product candidate. The patent relates to polymerizable solutions that are comprised of modified recombinant human collagen (rhCollagen) and other constituents such as hyaluronic acid. The Patent will expire on 2 May 2039. 

Mr. Yehiel Tal, Chief Executive Officer of CollPlant Biotechnologies, commented, "We are very proud of obtaining another U.S. patent for our photocurable product candidate. The photocurable filler is differentiated from existing fillers in the market since it is designed to enable tissue regeneration and tissue contouring in addition to offering superior skin lifting capacity. The U.S. is one of CollPlant's strategic target markets, and with the patents we are amassing for this candidate, as well as the duration of protection granted for each, this provides a significant achievement to strengthen our intellectual property in this important territory, as well as set a high barrier to entry for any competition."

Dermal Filler Program

Under CollPlant's existing development and commercialization agreement, CollPlant has granted AbbVie a worldwide exclusive license to use CollPlant's rhCollagen technology in combination with AbbVie's proprietary technologies for the production and commercialization of dermal and soft tissue fillers.

AbbVie is collecting data and conducting a review of interim results from the first cohort of patients enrolled in the dermal and soft tissue filler clinical trials initiated in 2023 and next steps for the program are to be determined upon complete assessment.

Separately, CollPlant announced today the receipt of a contingent payment with respect to CollPlant's rhCollagen, which, according to the development and commercialization agreement, triggers a $2 million payment from AbbVie to CollPlant.

Mr. Tal stated, "Our collagen has been fully characterized for its molecular, biological and physical properties, and is therefore considered an attractive scaffolding molecule for tissue regeneration, that is not eliciting an immune response" Tal added, "We plan to provide an update when the AbbVie clinical trial has concluded."  

Cost Reductions in Place

CollPlant recently updated its expense forecast and has initiated a cost cutting and workforce reduction plan. CollPlant's updated allocation of resources is expected to result in a reduction in CollPlant's workforce by approximately 20% and based on current estimates, allow it to continue its business activities including those related to its primary research and development programs until at least the second quarter of 2026.

Mr. Tal added, "In 2025 CollPlant will focus its activities on advancing the development of its product candidate pipeline, including the development of the regenerative breast implant product candidate towards the clinical phase. I look forward to providing updates on our programs throughout the year."

In accordance with today's press release, please refer to CollPlant's latest corporate presentation that can be found on its website, www.collplant.com, within the Investors/Company Info/Presentations section, or you may access the updated presentation directly at the link here. 

About CollPlant Biotechnologies

CollPlant is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs, and medical aesthetics. The Company's products are based on its rhCollagen (recombinant human collagen) produced with CollPlant's proprietary plant-based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.

In 2021, CollPlant entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market.

For more information about CollPlant, visit http://www.collplant.com

Forward-Looking Statements

This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that CollPlant intends, expects, projects, believes or anticipates will or may occur in the future such as expectations regarding CollPlant's cash resources. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company's history of significant losses, its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all, including uncertainties surrounding the methods of fundraising and the Company's preferences regarding such methods; the Company's expectations regarding the costs and timing of commencing and/or concluding pre-clinical and clinical trials with respect to breast implants, tissues and organs which are based on its rhCollagen based BioInk and other products for medical aesthetics, and specifically the Company's ability to initiate its next large-animal study for its breast implants in a timely manner, or at all; the Company's or Company's strategic partners' ability to obtain favorable pre-clinical and clinical trial results, including with respect to the Company's dermal filler product; regulatory action with respect to rhCollagen-based bioink and medical aesthetics products or product candidates including, but not limited to, acceptance of an application for marketing authorization review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the Company's rhCollagen based products, in 3D Bioprinting and medical aesthetics; the Company's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company's ability to establish and maintain strategic partnerships and other corporate collaborations, including its partnership with AbbVie and its ability to continue to receive milestone and royalties payments under the AbbVie agreement; the Company's reliance on third parties to conduct some or all aspects of its product development and manufacturing; the scope of protection the Company is able to establish and maintain for intellectual property rights and the Company's ability to operate its business without infringing the intellectual property rights of others; current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; the impact of competition and new technologies; general market, political, and economic conditions in the countries in which the Company operates, including, with respect to the ongoing war in Israel, projected capital expenditures and liquidity, changes in the Company's strategy and development plans and projects, and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting CollPlant are contained under the heading "Risk Factors" included in CollPlant's most recent annual report on Form 20-F filed with the SEC, and in other filings that CollPlant has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect CollPlant's current views with respect to future events, and CollPlant does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts
CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@collplant.com 

Investors:
LifeSci Advisors
Dan Ferry
daniel@lifesciadvisors.com

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SOURCE CollPlant

FAQ

What is the significance of CollPlant's (CLGN) new U.S. Patent No. 12,186,449?

The patent covers photocurable dermal filler solutions containing modified rhCollagen and hyaluronic acid, providing protection until May 2039 and strengthening CollPlant's intellectual property position in the U.S. market.

How much was the contingent payment CollPlant (CLGN) received from AbbVie in 2025?

CollPlant received a $2 million contingent payment from AbbVie related to their rhCollagen development and commercialization agreement.

What cost-cutting measures did CollPlant (CLGN) implement in 2025?

CollPlant implemented a workforce reduction of approximately 20% to extend its cash runway until at least the second quarter of 2026.

What is the status of CollPlant's (CLGN) partnership with AbbVie for dermal fillers?

AbbVie is reviewing interim results from the first cohort of patients in clinical trials initiated in 2023, with next steps to be determined upon complete assessment.

What are CollPlant's (CLGN) main development priorities for 2025?

CollPlant will focus on advancing its product candidate pipeline, particularly the development of its regenerative breast implant product candidate towards the clinical phase.