PR Newswire11.28.18
CollPlant and United Therapeutics Corporation have entered into a license, development, and commercialization agreement for 3D bioprinted lung transplants. The agreement combines CollPlant's proprietary recombinant human collagen (rhCollagen) and BioInk technology with the regenerative medicine and organ manufacturing capabilities of United Therapeutics.
Under terms of the agreement, CollPlant granted United Therapeutics, through its wholly owned organ manufacturing and transplantation-focused subsidiary Lung Biotechnology PBC, an exclusive license to its technology for the production and use of rhCollagen-based BioInk for 3D bioprinted lung transplants throughout the universe. CollPlant will manufacture and supply BioInk for a few years to meet development process demand, and will provide technical support to United Therapeutics as it establishes a U.S. facility for the manufacture of CollPlant's rhCollagen and BioInk. In addition to the initial focus on lung manufacturing, the agreement grants United Therapeutics an option, in its sole discretion, to expand the field of its license to add up to three additional organs.
"We are excited to work with CollPlant's 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," said Martine Rothblatt, Ph.D., chairman and CEO of United Therapeutics.
Under financial terms of the agreement, once effective, CollPlant will receive an upfront payment of $5 million and milestone payments of up to $15 million based on the achievement of certain operational and regulatory milestones related to the development of manufactured lungs. The agreement also provides for option exercise payments of up to $9 million, and additional developmental milestone payments of up to $15 million if United Therapeutics elects to develop manufactured organs other than lungs using CollPlant's technology. CollPlant will also be entitled to receive royalties on sales of commercialized products covered by patents licensed from CollPlant, as well as reimbursement for certain costs. Effectiveness of the agreement is subject to certain closing conditions, including receipt of approval of the agreement by the Israel Innovation Authority (formerly, the Office of Chief Scientist).
Yehiel Tal, CEO of CollPlant, stated, "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. 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."
United Therapeutics Corporation focuses on the strength of a balanced, value-creating biotechnology model. Through its wholly-owned subsidiary, Lung Biotechnology PBC, the company is focused on addressing the acute national shortage of transplantable lungs and other organs with a variety of technologies that either delay the need for such organs or expand the supply. Lung Biotechnology is the first public benefit corporation subsidiary of a public biotechnology or pharmaceutical company.
CollPlant is a regenerative medicine company focused on 3D bioprinting of tissues and organs, developing and commercializing tissue repair products for orthobiologics, and advanced wound care markets. The company's products are based on its rhCollagen (recombinant human collagen) that is produced with its proprietary plant-based genetic engineering technology.
CollPlant's products address indications for diverse fields of organ and tissue repair and are ushering in a new era in regenerative medicine. The company's flagship BioInk product line provides an ideal building block for 3D bioprinting of tissues and organs, and its unique Vergenix line of rhCollagen products includes a soft tissue repair matrix for treating tendinopathy and a wound repair matrix to promote a rapid optimal healing of acute and chronic wounds.
Under terms of the agreement, CollPlant granted United Therapeutics, through its wholly owned organ manufacturing and transplantation-focused subsidiary Lung Biotechnology PBC, an exclusive license to its technology for the production and use of rhCollagen-based BioInk for 3D bioprinted lung transplants throughout the universe. CollPlant will manufacture and supply BioInk for a few years to meet development process demand, and will provide technical support to United Therapeutics as it establishes a U.S. facility for the manufacture of CollPlant's rhCollagen and BioInk. In addition to the initial focus on lung manufacturing, the agreement grants United Therapeutics an option, in its sole discretion, to expand the field of its license to add up to three additional organs.
"We are excited to work with CollPlant's 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," said Martine Rothblatt, Ph.D., chairman and CEO of United Therapeutics.
Under financial terms of the agreement, once effective, CollPlant will receive an upfront payment of $5 million and milestone payments of up to $15 million based on the achievement of certain operational and regulatory milestones related to the development of manufactured lungs. The agreement also provides for option exercise payments of up to $9 million, and additional developmental milestone payments of up to $15 million if United Therapeutics elects to develop manufactured organs other than lungs using CollPlant's technology. CollPlant will also be entitled to receive royalties on sales of commercialized products covered by patents licensed from CollPlant, as well as reimbursement for certain costs. Effectiveness of the agreement is subject to certain closing conditions, including receipt of approval of the agreement by the Israel Innovation Authority (formerly, the Office of Chief Scientist).
Yehiel Tal, CEO of CollPlant, stated, "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. 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."
United Therapeutics Corporation focuses on the strength of a balanced, value-creating biotechnology model. Through its wholly-owned subsidiary, Lung Biotechnology PBC, the company is focused on addressing the acute national shortage of transplantable lungs and other organs with a variety of technologies that either delay the need for such organs or expand the supply. Lung Biotechnology is the first public benefit corporation subsidiary of a public biotechnology or pharmaceutical company.
CollPlant is a regenerative medicine company focused on 3D bioprinting of tissues and organs, developing and commercializing tissue repair products for orthobiologics, and advanced wound care markets. The company's products are based on its rhCollagen (recombinant human collagen) that is produced with its proprietary plant-based genetic engineering technology.
CollPlant's products address indications for diverse fields of organ and tissue repair and are ushering in a new era in regenerative medicine. The company's flagship BioInk product line provides an ideal building block for 3D bioprinting of tissues and organs, and its unique Vergenix line of rhCollagen products includes a soft tissue repair matrix for treating tendinopathy and a wound repair matrix to promote a rapid optimal healing of acute and chronic wounds.
