CollPlant achieves milestone, to receive $10M from AbbVie

CollPlant Biotechnologies (CLGN) announced the achievement of a milestone with respect to the clinical phase dermal filler product, according to its agreement with AbbVie (ABBV) for the development of a regenerative dermal and soft tissue filler product. According to the agreement, the achievement of this milestone triggers a $10M payment from AbbVie to CollPlant. Yehiel Tal, Chief Executive Officer of CollPlant, stated, “We are very pleased with the significant progress made with the dermal filler program and the achievement of this milestone. 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. CollPlant’s rhCollagen is non-immunogenic and non-allergenic, and enables tissue regeneration. Hence, we believe that the regenerative dermal filler under development could create a paradigm shift in the medical aesthetics field.”