Category: solid-organ scaffolds

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CollPlant Biotechnologies Raise $5.5 Million

Regenerative medicine company CollPlant announced new fundraising of $5.5 million in convertible loans intended to support the advancement of their research projects in the fields of medical aesthetics and 3D bioprinting of tissues and organs. On September 9, the company revealed a new private placement with Ami Sagi, CollPlant’s largest shareholder, and other US accredited investors with many years of extensive experience in 3D printing.

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 BioInk‘s in the manufacture of 3D bioprinted lungs for future transplant in humans.

CollPlant BioInk

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.

Bioink for 3D printing

CollPlant is one of two companies developing biotechnology in Israel. The up and coming firm launched its new headquarters and R&D center in Rehovot (Israel) last May, for the development of its product pipeline, including the BioInks for 3D bioprinting of tissues and organs, and dermal fillers for medical aesthetics that can be injected into wrinkles.
“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.
CollPlant works with collagen, a protein found in tissues such as tendons, skin, blood vessels and bones, and producing it from tobacco plants genetically engineered with five human genes. Its first successful products approved for sale in Europe are used for tendonitis and wound care, and according to company Chairman Jonathan Rigby, they are seeking to commercialize their products in the United States. The company is working hard at reaching their long term goals in regenerative medicine, including transplantable lungs for patients with serious medical conditions, bone repair and chronic wound closure.
Most recently, the firm announced the creation of their 3D bioprinted implants for the regeneration of breast tissue and the successful production of the first prototypes. According to company officials, the implants will be comprised of CollPlant’s proprietary type I recombinant human collagen and additional materials. Loaded with fat cells taken from the patient, these implants are intended to promote breast tissue regeneration. Eventually, the scaffold is designed to degrade and be replaced by newly grown natural breast tissue, that is free of any foreign material.
“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.
CollPlant has made significant progress over the past two years thanks to the combination of their breakthrough technology, new R&D center, and developing new product lines for aesthetics and wound markets, enabling the company to move forward with more products and partnerships.
[Images: CollPlant]

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CollPlant and United Therapeutics Corporation Enter into Licensing Agreement for 3D Bioprinted Lungs

This week, CollPlant and United Therapeutics Corporation announced that they have entered into a licensing, development, and commercialization agreement together for the purposes of 3D bioprinted lung transplants. This partnership will combine United Therapeutics’ organ manufacturing and regenerative medicine capabilities with CollPlant’s BioInk and proprietary recombinant human collagen (rhCollagen) technology.

“We strongly believe that our proprietary and proven rhCollagen is the finest building block for regenerative medicine scaffolds available today, and will play a critical role in the organ manufacturing process,” said CollPlant CEO Yehiel Tal. “As a pioneer in the field, United Therapeutics is the perfect partner for us. This strategic agreement is a major achievement for CollPlant as it aligns us with a global leader, validates our technology and creates value for our shareholders. We are honored to have established this important collaboration with United Therapeutics and look forward to working together to bring lifesaving organs to humanity.”

Under the terms of the agreement for 3D bioprinting solid-organ scaffolds for human transplants, which United Therapeutics is more than familiar with, CollPlant granted an exclusive license for its technology to United Therapeutics, through its wholly owned organ manufacturing and transplantation-focused subsidiary Lung Biotechnology PBC, for the production and use of its rhCollagen-based BioInk for 3D bioprinted lung transplants. The subsidiary itself is the first public benefit corporation subsidiary of a public biotechnology or pharmaceutical company and works to address the national shortage of transplantable lungs and other organs.

Over the next few years, CollPlant will manufacture and supply BioInk in order to meet the development process demand. In addition, it will provide technical support to United Therapeutics while it sets up a facility in the US to manufacture both BioInk and rhCollagen.

Martine Rothblatt, PhD, Chairman and CEO of United Therapeutics, said, “We are excited to work with CollPlant’s extraordinary Israeli technology to transform the tobacco plant that is so associated with lung disease into a collagen-expressing plant that will be essential to the production of an unlimited number of transplantable lungs.”

The agreement, in addition to its focus on lung manufacturing, will also grant United Therapeutics an option, in its sole discretion, to expand the field of its CollPlant license in order to add up to three additional organs.

According to the agreement’s financial terms, once it’s effective, CollPlant will receive an initial upfront payment of $5 million. Then, once certain operational and regulatory milestones related to the development of 3D bioprinted lungs are reached, the company will receive milestone payments of up to $15 million.

Option exercise payments of up to $9 million are also provided for in the licensing agreement, as well as additional developmental milestone payments of up to $15 million…if United Therapeutics decides to develop additional manufactured organs using CollPlant’s technology, that is. Additionally, CollPlant will also be entitled to receive reimbursement for certain costs, as well as royalties on sales of commercialized products that are covered by patents licensed by the company itself.

The effectiveness of the licensing agreement between CollPlant and United Therapeutics is subject to a few closing conditions, which include receipt of approval by the Israel Innovation Authority, which was formerly the Office of Chief Scientist.

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