CollPlant, an Israel-based biotech focused on regenerative medicine for tissue repair, is looking to raise $25 million in an initial public offering, according to an SEC filing.
CollPlant markets wound care and orthopedics scaffolds that are based upon its virgin collagen, Collage, which is derived from plants. It offers the first plant-derived source of Type I recombinant human collagen, according to the company.
In the regulatory filing, the company said it plans to list on the Nasdaq under the symbol “CLGN.” The sole bookrunner for the offering was listed as Ladenburg Thalmann & Co. No pricing terms were outlined in the filing.
“We believe the market opportunity for our current product candidates utilizing our rhCollagen platform technology exceeds $5 billion,” the company said.
Its VergenixSTR, which was granted at CE Mark last week, is an orthobiologic used to treat indications within the soft tissue repair market. According to CollPlant, more than 4.4 million procedures are carried out for the treatment of tendinopathy each year in the U.S. alone, which would give the company a target market for VergenixSTR of about 3 million procedures per year, or about a $2 billion market.
The company went public on the Tel Aviv Stock Exchange in 2010 through a reverse merger.