CollPlant Biotechnologies Ltd CLGN shares are trading higher Monday after the company announced it achieved a milestone in its product collaboration agreement with AbbVie Inc ABBV.
What Happened: CollPlant said it achieved the clinical phase dermal filler product milestone in its exclusive worldwide development and commercialization agreement with AbbVie. As a result, the company is set to receive a $10 million payment.
"The collaboration with AbbVie provides us with the opportunity to co-develop what could be the first aesthetic product utilizing our rhCollagen with a worldwide leader in biopharmaceutical health ... We believe that the regenerative dermal filler under development could create a paradigm shift in the medical aesthetics field," said Yehiel Tal, CEO of CollPlant.
CollPlant received an upfront payment of $14 million from AbbVie in 2021. In addition to the $10 million milestone payment, the company is also eligible to receive up to an additional $26 million in milestone payments, as well as royalty payments and a fee for the manufacture and supply of rhCollagen.
CollPlant is a regenerative and aesthetics medicine company developing technologies and products based on its non-animal-derived collagen for tissue regeneration and organ manufacturing.
Read Next: Why Are Avalo Therapeutics Shares Plummeting On Monday
CLGN Price Action: CLGN) shares are trading higher Monday after the company announced it achieved a milestone in its product collaboration agreement with AbbVie Inc ABBV. What Happened: CollPlant said it achieved the clinical phase dermal filler product milestone in its exclusive worldwide development and commercialization agreement with AbbVie. As a result, the company is set to receive a $10 million payment. "The collaboration with AbbVie provides us with the opportunity to co-develop what could be the first aesthetic product utilizing our rhCollagen with a worldwide leader in biopharmaceutical health ... We believe that the regenerative dermal filler under development could create a paradigm shift in the medical aesthetics field," said Yehiel Tal, CEO of CollPlant. CollPlant received an upfront payment of $14 million from AbbVie in 2021. In addition to the $10 million milestone payment, the company is also eligible to receive up to an additional $26 million in milestone payments, as well as royalty payments and a fee for the manufacture and supply of rhCollagen. CollPlant is a regenerative and aesthetics medicine company developing technologies and products based on its non-animal-derived collagen for tissue regeneration and organ manufacturing. Read Next: Why Are Avalo Therapeutics Shares Plummeting On Monday CLGN Price Action: CollPlant shares were up 19.2% at the time of publication, according to Benzinga Pro. Photo: ">CollPlant shares were up 19.2% at the time of publication, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
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