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COLLPLANT BIOTECHNOLOGIES REPORTS 2023 FULL YEAR FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE By Investing.com

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  • Dermal filler program with AbbVie (NYSE:) in clinical phase
  • Regenerative breast implant program large-animal study underway to evaluate commercial-size implants with topline data expected in Q4
  • Ends 2023 with $26.7 million in cash and cash equivalents
  • Conference call to be held on Thursday, April 4, 2024 at 10:00 a.m. U.S. EDT

REHOVOT, Israel, April 4, 2024 /PRNewswire/ — CollPlant Biotechnologies (Nasdaq: CLGN), a regenerative and aesthetics medicine company developing innovative technologies and products based on its non-animal-derived recombinant human collagen (rhCollagen) for tissue regeneration and organ manufacturing, today announced financial results for the full year ended December 31, 2023 and provided a corporate update.

“During 2023, the end of which became a challenging year for our nation, we excelled in the advancement of our key programs,” said CollPlant’s Chief Executive Officer, Yehiel Tal. “We leveraged our pioneering collagen technology platform and dynamic workforce to strengthen existing business collaborations, and advanced our programs – notably with partner, AbbVie. We progressed the dermal filler candidate, which is now in clinical development, and formed a collaboration with industrial 3D printing leader, Stratasys (NASDAQ:), to refine the manufacturing scale for our breast implants program. Related to our dermal filler partnership with AbbVie, we achieved an important milestone triggering a $10 million milestone payment that we realized in June 2023.”

Mr. Tal continued, “As we begin 2024, we believe we are poised to take advantage of the aesthetic and regenerative market this year with a strong balance sheet, lean operating structure, and support from our partners.”

2023 and Recent Corporate Highlights

Collaboration Updates

During 2023, CollPlant made significant progress with its development partner, AbbVie, to advance the dermal and soft tissue filler program toward commercialization.

In June 2023, CollPlant announced the achievement of an important milestone under the AbbVie collaboration which triggered a $10 million payment from AbbVie to CollPlant. Per CollPlant’s agreement with AbbVie, CollPlant has the potential to receive additional milestones and option product payments, as well as meaningful royalties on product sales.

In April 2023, CollPlant announced a joint development and commercialization agreement with Stratasys Ltd. to collaborate on the development of a solution to bio-fabricate human tissues and organs…

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