Stock News Buzz: CollPlant Biotechnologies Ltd. (NASDAQ: CLGN)
CollPlant Biotechnologies Ltd. (NASDAQ: CLGN) stock identified change of 34.19% away from 52-week low price and recently located move of -51.89% off 52-week high price. It has market worth of $16.02M . CLGN stock has been recorded -4.04% away from 50 day moving average and -16.77% away from 200 day moving average. Moving closer, we can see that shares have been trading 11.03% off 20-day moving average.
CollPlant (NASDAQ: CLGN) announced it has entered into definitive agreements for up to $6.5 million funding in convertible loans. The capital raise is by way of a non-brokered private placement with Ami Sagi, the Company’s largest shareholder, and U.S. accredited investors with many years of deep experience in 3D printing. Under the terms of the transaction, the initial closing with Mr. Sagi occurred on September 3 2019 where Mr. Sagi funded the Company with $2.0 million. The U.S. accredited investors have agreed to purchase $3.5 million in convertible loans, and the Company expects to complete the initial closing with the U.S. investors by September 5, 2019, subject to the satisfaction of customary closing conditions.
Mr. Sagi has agreed to fund an additional $1.0 million following the execution of a license and/or a co-development agreement between CollPlant and a strategic business partner, if such were to occur. The convertible loans automatically convert into the Company’s American Depositary Shares (ADSs) at a conversion price of $4.00 per ADS following approval of the transaction by CollPlant’s shareholders. Mr. Sagi and the U.S. investors will also receive three-year warrants to purchase up to an aggregate of 1,625,000 ADSs exercisable at an exercise price of $4.00 per ADS, subject to the satisfaction of certain closing conditions.
“This fund raising is intended to support the advancement of our pipeline in the fields of medical aesthetics and 3D bioprinting of tissues and organs,” stated Yehiel Tal, the Chief Executive Officer of CollPlant. “We are now focused on facilitating our development programs of dermal fillers and regenerative breast implants. Our collaboration with United Therapeutics, which is using our BioInk technology for 3D printing lungs, is progressing, and we continue to expand our business collaborations with large international healthcare companies that seek to implement our revolutionary regenerative medicine technology. We are very pleased to have entered into this transaction with Mr. Sagi and the other investors.”
The Healthcare sector company, CollPlant Biotechnologies Ltd. noticed change of 1.20% to $4.2 along volume of 400 shares in recent session compared to an average volume of 6.28K. The stock observed return of -9.09% in 5 days trading activity. The stock was at 8.81% over one month performance. CLGN’s shares are at -19.23% for the quarter and driving a -24.87% return over the course of the past year and is now at 0.00% since this point in 2018.
The average volatility for the week at 3.89% and for month was at 3.79%. There are 3.81M shares outstanding and 3.08M shares are floated in market.
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