CollPlant secures U.S. patent for dermal filler

REHOVOT, Israel - CollPlant Biotechnologies (NASDAQ: CLGN), currently valued at $40.7 million in market capitalization, announced it has received a U.S. patent for its photocurable dermal filler product, marking a significant addition to the company’s intellectual property portfolio. The patent, numbered 12,186,449, covers polymerizable solutions comprising modified recombinant human collagen and constituents like hyaluronic acid, with protection extending until May 2, 2039. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 5.38x, indicating robust short-term financial stability.

CEO Yehiel Tal expressed pride in the patent grant, noting the filler’s unique tissue regeneration and contouring capabilities, in addition to skin lifting. He emphasized the strategic importance of the U.S. market and the patent’s role in establishing a competitive barrier.

In collaboration with AbbVie (NYSE:ABBV), CollPlant has licensed its rhCollagen technology for the production and commercialization of dermal and soft tissue fillers. AbbVie is currently reviewing interim clinical trial results from patient cohorts started in 2023. CollPlant has also received a $2 million payment from AbbVie as part of the agreement’s contingent payment terms.

Further, CollPlant is implementing cost reduction measures, including a workforce cut by approximately 20%, to extend its cash runway until at least the second quarter of 2026. The company plans to focus on advancing its product candidate pipeline throughout the year, with particular attention on its regenerative breast implant product.

CollPlant specializes in regenerative and aesthetic medicine, leveraging its proprietary plant-based technology to produce rhCollagen for tissue repair, aesthetics, and organ manufacturing. The company’s partnership with Allergan (NYSE:AGN), an AbbVie company and a leader in the dermal filler market, underscores its prominence in the field.

This news article is based on a press release statement from CollPlant Biotechnologies.

In other recent news, CollPlant Biotechnologies and Coal Plant Biotechnologies reported a significant drop in their third-quarter revenues. CollPlant, as per H.C. Wainwright’s analysis, generated a revenue of $4,000, falling short of the anticipated $400,000. Coal Plant, on the other hand, disclosed a revenue dip to $4,000 from $43,000 year-over-year during their recent earnings call. Both companies also reported a net loss, with CollPlant’s loss deepening to $0.38 per diluted share and Coal Plant reporting a loss of $4.3 million, or $0.38 per share.

Despite these financial setbacks, H.C. Wainwright maintains a Buy rating for CollPlant, reflecting confidence in the company’s future prospects. This confidence is supported by CollPlant’s strong liquidity position, with approximately $15.4 million in cash and cash equivalents expected to sustain the company’s operations through the end of 2025. Similarly, Coal Plant holds a cash equivalent of $15.4 million, extending its operational runway until the end of 2025.

In terms of recent developments, both companies highlighted progress in their respective fields. CollPlant continues to specialize in regenerative and aesthetic medicine, whereas Coal Plant emphasized its advancements in the regenerative breast implant program and ongoing strategic partnerships, including one with pharmaceutical giant AbbVie. These developments suggest that despite the recent financial challenges, both companies are actively forging ahead with their strategic goals and partnerships.

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