The Israel-based clinical-stage company CollPlant is focused on developing and commercializing tissue repair products for orthobiologics, and advanced wound care markets. Their products are based on their rhCollagen (recombinant human collagen), which is produced with CollPlant’s proprietary plant-based genetic engineering technology for use in tissue repair products. Last year the company even entered into an agreement with United Therapeutics to use their BioInks in the manufacture of 3D bioprinted lungs for future transplant in humans.
The initial closing of the new capital raise took place on September 3, when Mr. Sagi purchased $2 million of the convertible loans through a non-brokered private placement. The remaining $3.5 million in convertible loans were purchased by the US accredited investors.
Since CollPlant is headquartered outside of the US, the convertible loans totaling $5.5 million, automatically convert into the company’s American Depositary Shares (ADS), a US dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. In the case of CollPlant, at a conversion price of $4 per ADS following approval of the transaction by CollPlant’s shareholders. Both Sagi and the US investors will also receive three-year warrants to purchase up to an aggregate of 1,625,000 ADSs. Sagi has already agreed to fund an additional $1 million following the execution of a license and/or a co-development agreement between CollPlant and a strategic business partner.
“We are now focused on facilitating our development programs of dermal fillers and regenerative breast implants. Our collaboration with United Therapeutics, which is using our BioInk technology for 3D printing lungs, is progressing, and we continue to expand our business collaborations with large international healthcare companies that seek to implement our revolutionary regenerative medicine technology. We are very pleased to have entered into this transaction with Mr. Sagi and the other investors,” stated Yehiel Tal, CEO of CollPlant.
“In the medical aesthetics market, we are moving forward with the development of a new dermal filler product line, addressing the need for more innovative aesthetic products to treat wrinkles. CollPlant is advancing collaborations with leading companies in this segment. Our new product line will be based on the combination of hyaluronic acid, a naturally-occurring, moisture-binding compound, with our plant-based, tissue regenerating rhCollagen,” detailed Tal while announcing the financial results for the company’s first quarter ending last March.
“The implants we are developing leverage our 3D bioprinting technology and the unique properties of our recombinant human collagen, that has an excellent safety profile. We believe that our technology can eliminate the high risk for adverse events associated with permanent breast implants and provide a revolutionary alternative. This technology is already raising interest from leading companies in this segment,” claims Tal.
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