Full Press Release Details
and CollPlant Unite Technologies to Transform Healthcare with
Industrial-Scale Bioprinting of Tissues and Organs
development and commercialization agreement will initially focus on
development of bioprinting solution for CollPlant's regenerative
addressing $2.6 billion market opportunity
Stratasys' P3 technology-based
bioprinter and CollPlant's rhCollagen-based
bioinks also ideal for future innovation and production of additional human
Companies to cross-promote respective
bioprinting products
EDEN PRAIRIE, Minn. & REHOVOT, Israel, April 4, 2023 --
Stratasys Ltd. (Nasdaq: SSYS) and CollPlant Biotechnologies (Nasdaq: CLGN) today announced a joint development and commercialization agreement
to collaborate on the development of a solution to bio-fabrication human tissues and organs using Stratasys' P3 technology-based
bioprinter and CollPlant's rh-Collagen-based bioinks. The first project focuses on the development of an industrial-scale solution
for CollPlant's regenerative breast implants program.
Currently the global breast implant market
is estimated to be $2.6 billion,1 while breast reconstruction and augmentation procedures represent the second most common
plastic surgery procedure performed worldwide today2. The most common breast augmentation or reconstruction procedures today
are based on synthetic silicone breast implantations, an artificial substitution for natural regenerated tissue with risks of complications.
Under the agreement, both companies have agreed to cross-promote each
other's bioprinting products Stratasys's bioprinter will be offered to customers together with CollPlant's bioinks,
and similarly Stratasys' bioprinter will be offered to CollPlant's business partners and customers.
"Through this partnership with CollPlant, we have an important
opportunity to transform healthcare with bioprinting to improve the lives of patients undergoing breast augmentation or reconstruction
procedures," said Stratasys CEO Dr. Yoav Zeif. "This agreement is well-aligned with our strategy to deliver complete solutions
for high-growth industry applications with our ecosystem of partners, and the production scale and precision 3D printing capabilities
of Stratasys' P3 Programmable Photopolymerization technology are a particularly strong fit for bioprinting applications. We believe
that partnering with CollPlant will enable us to accelerate the industrialization of bioprinting for regenerative medicine, and we look
forward to collaborating towards the successful commercialization of CollPlant's novel regenerative breast implants and beyond."
Yehiel Tal, CEO of CollPlant, commented, "Stratasys is leading
in additive manufacturing and we are excited to collaborate with them on this transformative initiative. The P3 technology allows printing
with high resolution and process control, and we believe that the combined, pioneering technologies of both companies will streamline
the development and production process so that we have the most efficient means to produce our regenerative breast implants and other
potential tissues and organs. We believe that our rhCollagen-based regenerative implant has the potential to overcome the challenges of
existing breast procedures that use silicone implants or autologous fat tissue transfer."
In January 2023, CollPlant
announced that it successfully completed a large-animal study for its 3D bioprinted regenerative breast implants. The preclinical study
demonstrated progressive stages of tissue regeneration after three months, as highlighted by the formation of maturing connective tissue
and neovascular networks within the implants, with no adverse events reported. Based on these positive results, CollPlant is planning
to initiate a follow-up, large-animal study in the second half of 2023 using commercial-size implants to support subsequent human studies
and future product commercialization.
Corporate & North America:
Jonathan Wake, Incus Media
Eran Rotem, Deputy CEO & CFO
Email: Eran@CollPlant.com
Stratasys is leading the global shift to additive
manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion
and education. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions
deliver competitive advantages at every stage in the product value chain. The world's leading organizations turn to Stratasys to
transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com,
the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms,
including the Company's websites, to share material, non-public information pursuant to the SEC's Regulation FD. To the extent
necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys and P3 are trademarks or registered
trademarks and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the
property of their respective owners.
CollPlant is a regenerative and aesthetic medicine company focused
on 3D bioprinting of tissues and organs, and medical aesthetics. CollPlant's products are based on its recombinant human collagen produced
with its proprietary plant based genetic engineering technology. These products address indications for the diverse fields of tissue repair,
aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.
In 2021 CollPlant entered into a development and global commercialization
agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market.
For more information, visit http://www.collplant.com
Safe Harbor for Forward-Looking
This press release may include forward-looking
statements. Forward-looking statements may include, but are not limited to, statements relating to Stratasys' and/or CollPlant's
objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments
that Stratasys and/or CollPlant intend, expect, project, believe or anticipate will or may occur in the future. These statements are often
characterized by terminology such as "believes," "hopes," "may," "anticipates," "should,"
"intends," "plans," "will," "expects," "estimates," "projects,"
"positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of
the companies' respective management's experience and perception of historical trends, current conditions, expected future
developments and other factors believed to be appropriate. Forward-looking statements included in this press release include, but are
not limited to, statements regarding the following: the companies' ability to develop a 3D bioprinter that is based on Stratasys'
P3 3D printing technology and can be used with CollPlant's rhCollagen-based BioInk; CollPlant's expectations regarding
the timing and cost of commencing pre-clinical and clinical trials, or at all, with respect to breast implants, tissues and organs based
on its rhCollagen based bioinks and other products for medical aesthetics; CollPlant's ability to obtain favorable pre-clinical
and clinical trial results with respect to the foregoing trials; regulatory action with respect to rhCollagen based bioinks and medical
aesthetics products including but not limited to acceptance of an application for marketing authorization review and approval of such
application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the companies'
combined 3D bioprinter and/or future potential collaborative products involving Stratasys' P3 3D printing technology
and/or CollPlant's rhCollagen based bioinks and/or CollPlant's regenerative breast implants and/or other medical aesthetics products;
the companies' ability to establish sales and marketing capabilities or enter into agreements with third parties, including third
party distributors and resellers; and the companies' ability to establish and maintain strategic partnerships and other corporate
collaborations. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause Stratasys'
or CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking
statements, including, but not limited to, the following: CollPlant's history of significant losses, its ability to continue as
a going concern, and its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all;
the companies' reliance on third parties to conduct some or all aspects of the manufacturing of their products; the scope of protection
the companies are able to establish and maintain for their respective and joint intellectual property rights and the companies'
ability to operate their respective businesses and their joint collaboration without infringing the intellectual property rights of others;
the overall global economic environment; the impact of competition and new technologies; general market, political, and economic conditions
in the countries in which the companies operate; projected capital expenditures and liquidity; changes in the companies' respective
strategies; and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting Stratasys