Dawson James Securities initiated coverage of CollPlant Biotechnologies (NASDAQ:CLGN) with a “buy” rating and $9 price target. The stock closed at $4.62 on Nov. 1.
CollPlant’s technology platform mass produces recombinant human collagen (rhCollagen) sourced from tobacco plants, and uses this rhCollagen to 3D bioprint tissues, organs, and other medical aesthetic products.
CollPlant currently has a strategic agreement with United Therapeutics (NASDAQ:UTHR) for 3D bioprinting of lung transplants and other life-saving organs.
In August, iBio (NYSE AMERICAN:IBIO) announced an agreement with United Therapeutics to develop a scalable purification process for rhCollagen tailored to the biofabrication of lung scaffolds that United Therapeutics licensed from CollPlant, as well as cGMP supply of the material for clinical trials
Multiple other CollPlant partners are expected to emerge over the next few years, writes analyst Jason Kolbert.
“CollPlant differentiates itself through its tobacco-based rhCollagen production platform, which is currently the only commercially viable plant-derived human collagen on the market,” he added.
