Stock NEWS Spotlight: CollPlant Holdings Ltd. (NASDAQ: CLGN)

CollPlant Holdings Ltd. (NASDAQ: CLGN) stock separated -37.19% away from the 200-day MA. Tracking current stock price levels in relation to some other popular moving averages, we have noted that the stock is trading -33.17% away from the 50-day MA and -7.78% off of the 20-day MA. Checking on recent price levels compared to prior highs and lows, we have seen that CollPlant Holdings Ltd. (CLGN) recently traded -76.31% away from the 50-day high and moved 21.06% from the 50-day low. Taking a wider observation, the current separation from the one year high is -39.08%, and the distance from the one year low is presently 21.06%.

Share of CollPlant Holdings Ltd. (CLGN) have caught the attention of the Wall Street community. The stock price is settled at $5.69 in last trading session. Taking a look at the daily price change trend and size of price movement it is recorded that CLGN spotted a negative behavior with drift of -1.90%.

CollPlant (NASDAQ: CLGN) reported financial results for the first quarter ended March 31, 2018 and provided an update on the Company’s business developments. Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures.

CollPlant reported revenues of $222,000 (NIS 779,000) for the first quarter of 2018. The Company ended the first quarter of 2018 with $3.9 million (NIS 13.8 million) in cash and cash equivalents, excluding an additional $1.0 million (NIS 3.5 million) that the Company received from Alpha Capital Anstalt (“Alpha”) at the end of April 2018, while comprehensive loss for the first quarter of 2018 was $2.1 million (NIS 7.2 million) on a GAAP basis, or adjusted comprehensive loss of $1.2 million (NIS 4.2 million), on a non-GAAP basis.

Yehiel Tal, CollPlant’s Chief Executive Officer said “During the first quarter of 2018, we made progress advancing our 3D bioprinting business. We continue to move forward with our development activities with various biotechnology and medical device companies that are using CollPlant’s rhCollagen based BioInk for the bioprinting of organs and tissues”.

Mr. Tal noted “CollPlant is also working with foundations and academic institutions, and during the first quarter of 2018, we announced that CollPlant is part of the Regenerative Medicine Development Organization’s (ReMDO) advanced biomanufacturing initiative for the development of a universal BioInk with tunable properties for 3D bioprinting of tissues and organs”.

Mr. Tal added “During the first quarter of 2018, we continued with the development of next generation dermal fillers for the aesthetic field. This month, we filed a provisional patent application with the U.S. Patent and Trademark Office for photocurable dermal fillers comprised of rhCollagen and hyaluronic acid, and are actively pursuing collaborations with key companies in this field”.

“During the first quarter of 2018, we established a new rhCollagen production facility in Rehovot, Israel. This cGMP facility will be used for purification of rhCollagen and the formulation of end-products, including BioInks for 3D bioprinting. The facility includes clean rooms and dedicated production equipment to support the company’s commercial and R&D demand for the next few years. Furthermore, we expect the new facility to enable operational flexibility, cost reduction and process development. Consequently, we believe our competitiveness and profitability will be enhanced,” noted Mr. Tal.

“Additionally, during 2018 we continued to establish our position in the European market, with sales of our advanced wound care product (VergenixFG), and orthopedic product (VergenixSTR). Over time, we have received positive feedback from physicians who have treated patients with both products, and we are aiming to expand sales into new territories across Europe,” concluded Mr. Tal.

Category – Business

Before joining, Ben Martz worked as a freelance writer. He has more than 10 years’ experience in journalism and public relations. His experience in public relations includes press releases, promotional materials, and working with media outlets. He also has professional experience writing news, technology, and business stories. Ben learned CFA Level 2 from CFA Institute (USA). He has worked in diverse capacities from financial research to currency trading in a span of 3 years. Ben covers Business news section.

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