Eran Rotem: Hi. Thanks for the question. This is Eran Rotem. The product is being led by AbbVie and Allergan. This is a product of AbbVie, CollPlant is not dictating the timelines and is not allowed to disclose what – you are not allowed to be disclosed by AbbVie. I am mentioning that because usually, companies will disclose it. So, what we told to the public so far, this is what we are allowed and we are developing with AbbVie, that product, which is in a clinical phase, we are developing that product. If you do the math and look at their publications, it’s 4 years down the road. It means that we are developing it already 4 years and it’s in the clinical phase. Beyond that, we are not allowed to say today, anything. We achieved the milestone.
It came with a $10 million check, which means that this program is moving forward. And we keep on saying the sentence, which is, this product is moving according to the plan. So, I hope that is the satisfying answer for you.
Unidentified Analyst: No, it is. And so quick question on size of the market. As far as dermal fillers go, I have read some different numbers that the worldwide size of the dermal filler marked is about $5.5 billion, but I have also read that that can go as high as $9 billion or $10 billion. Where do you think the size of that market is?
Yehiel Tal: So, we are familiar with the current num bill, which is $5.5 billion annual sales globally. And this is based on a public research that is out there. We are also familiar with a 10% annual growth. And I think part of the research is talking about, what will happen in 4 years or 5 years from now and maybe that is where the $9 billion is coming. We are familiar with current global size of $5.5 billion.
Unidentified Analyst: Got it. Okay. Alright.
Yehiel Tal: Yes. And ultimately, by the way, Allergan is what is the major of a key company in that area and that is selling that product. They are selling between $1.5 billion to sometimes they almost reached $2 billion annual sales of rejuvenation product. So, if you – so they are leading that market.
Unidentified Analyst: So and I don’t know if you can disclose this or not with – in retrospect to Allergan in the rejuvenation market. This product gets approved, does it become 100% accepted and used exclusively by Allergan replacing its current dermal filler, or is it going to be in combination and offering both different products?
Yehiel Tal: Well, Allergan is in charge on – they have the market strategy, we are not be allowed to talk about it and that’s it.
Unidentified Analyst: Okay. Alright. Well, I appreciate your time, guys. Thank you so much.
Yehiel Tal: Yes. Thank you.
Operator: Our next question comes from Ben Haynor with Alliance Global Partners. Please proceed with your question.
Ben Haynor: Good morning. Gentlemen, thanks for taking the questions and congrats on the milestone payments from – or payment from AbbVie. First off, for me, I know we are happy there was an upfront clinical and regulatory commercial milestones associated with it are there more clinical milestones or is regulatory kind of the next one that we should be looking at?
Yehiel Tal: So, that information was not disclosed. I can say that regarding the dermal filler product, we are expecting additional $26 million in additional milestones, but we cannot refer to what exactly are the milestones.
Ben Haynor: So, okay, so you can’t share whether the next one might be of a certain type.
Yehiel Tal: Correct.
