Regenerative and aesthetic medicine company CollPlant Biotechnologies ((NASDAQ: CLGN) has reached a significant milestone in its collaboration with pharma giant AbbVie for the development of a regenerative dermal and soft tissue filler product. Reaching the milestone triggers a $10 million payment to CollPlant.
The collaboration between CollPlant and AbbVie began in 2021 when the entered into an exclusive worldwide development and commercialization agreement for dermal and soft tissue fillers in the medical aesthetics market. CollPlant’s recombinant human collagen (rhCollagen) technology is a key component of these products.
Under the agreement, AbbVie has been granted a worldwide exclusive license to combine rhCollagen with its proprietary technologies to produce and market dermal and soft tissue fillers.
“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,” said Yehiel Tal, CEO of CollPlant. “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.”
In addition to the upfront payment of $14 million received in 2021, CollPlant is eligible to receive up to $26 million in milestone payments for the dermal filler product, as well as royalty payments and manufacturing fees for rhCollagen supply.
“We are extremely excited to have advanced this program to address a market estimated at $5.5 billion in annual sales, with a projected 10% compounded annual growth rate,” added Tal. “We look forward to continuing a highly productive partnership as we drive the program towards potential commercialization.”
As well as medical aesthetics, CollPlant is focused on developing products for 3D bioprinting of tissues and organs.