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May 27 , 2021 CollPlant Pioneering Regenerative Medicine CollPlant Biotechnologies Reports First Quarter 2021 Financial Results with Record Revenues of $ 14.5 Million Operating income for Q1 2021 increased to $ 10 million Strong balance sheet with $ 49.7 million cash position REHOVOT , Israel , May 27 , 2021 / PRNewswire / --CollPlant ( NASDAQ : CLGN ) , a regenerative and aesthetic medicine company , today announced financial results for the first quarter ended March 31 , 2021 and provided an update on the Company's business developments . CollPlant reported revenues of $ 14.5 million for the first quarter of 2021 , a 2,281 % increase from the $ 609,000 recorded in the first quarter of 2020 resulting primarily from the $ 14 million upfront payment received from Allergan Aesthetics , an AbbVie company , in connection with the development agreement entered into in February 2021. GAAP net income for the first quarter of 2021 was $ 10.1 million compared to a comprehensive loss of $ 1.6 million for the first quarter of 2020. The Company ended the first quarter of 2021 with $ 49.7 million in cash and short term cash deposits . First Quarter Corporate Highlights • Entered into strategic development agreement potentially worth up to $ 103 million in upfront and milestone payments , plus royalties and transfer pricing with Allergan Aesthetics , an AbbVie company , for rhCollagen in the use of dermal and soft tissue