Welcome to our dedicated page for Collplant Biotechnologies news (Ticker: CLGN), a resource for investors and traders seeking the latest updates and insights on Collplant Biotechnologies stock.
CollPlant Biotechnologies Ltd (NASDAQ: CLGN) is a pioneering company in regenerative and aesthetic medicine, specializing in the 3D bioprinting of tissues and organs and medical aesthetics. The company's core technology is its recombinant human collagen (rhCollagen), produced through proprietary plant-based genetic engineering. CollPlant's innovative products address diverse fields of tissue repair, aesthetics, and organ manufacturing, marking a new era in regenerative medicine.
CollPlant's flagship rhCollagen bioink product line is optimized for 3D bioprinting applications, including drug discovery, tissue testing, and the development of transplantable tissues and organs. The company's unique Vergenix™ line includes a soft tissue repair matrix for tendinopathy treatment and a wound repair matrix that promotes rapid healing of acute and chronic wounds.
In the medical aesthetics market, CollPlant is advancing its regenerative breast implants and dermal fillers. The company has formed strategic partnerships, including a notable collaboration with AbbVie for the development of dermal and soft tissue fillers, triggering milestone payments and potential future royalties.
Recent achievements include the initiation of pre-clinical trials for regenerative breast implants and progress in large-animal studies demonstrating tissue regeneration and safety. In addition, CollPlant's advanced bioinks are facilitating the bio-fabrication of human tissues and organs in collaboration with industry leaders.
Financially, CollPlant reported significant revenue increases due to milestone payments and product sales, although it continues to invest in research and development to maintain its leading position in the market. The company's cash and cash equivalents provide a robust runway for at least two years of operation, supporting ongoing and future projects.
CollPlant's commitment to sustainability is reflected in its plant-based production process and adherence to Environmental, Social, and Governance (ESG) principles. The company joined the United Nations Global Compact to further its sustainable corporate governance goals.
CollPlant Biotechnologies (Nasdaq: CLGN) reported its Q1 2024 financial results and provided a corporate update. The company initiated a new large-animal study for its 3D-bioprinted breast implants in December 2023, expected to conclude in June 2024. Q1 2024 GAAP revenue was $98,000, a decrease from $433,000 in Q1 2023. Costs of revenue increased to $545,000 from $325,000, resulting in a gross loss of $447,000 compared to a gross profit of $108,000 in Q1 2023. Net loss widened to $4.2 million from $3.7 million. The company also highlighted advancements in its Environmental, Social, and Governance (ESG) initiatives and recent patent approvals in the U.S., Brazil, Israel, and Australia. Cash and cash equivalents as of March 31, 2024, stood at $23.2 million.
CollPlant Biotechnologies (Nasdaq: CLGN) announced the release of its financial results for the first quarter of 2024 on May 29, 2024, before U.S. market opening. The company will host a conference call and webcast the same day at 10:00 a.m. EDT to discuss these results and provide corporate updates.
U.S. investors can dial 1-877-407-9716, international investors can call 1-201-493-6779, and Israeli investors can dial 1-809-406-247 using Conference ID 13745964. Participants can avoid long wait times by using the Call me™ feature available 15 minutes prior to the call.
A live listen-only webcast will be available, with a replay accessible on the company's website for a period. Questions for management can be submitted via email to Dan Ferry at LifeSci Advisors up to 24 hours before the event.
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