NESS ZIONA, Israel, May 31, 2016 /PRNewswire/ -- CollPlant Ltd. (TASE: CLPT), a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products - announces that it has received authorization from the Chief Scientist of Israel's Ministry of Economy, for funding approximately 50% of its NIS 12 million development project for 2016. The Chief Scientist's grant amount to NIS 5.6 million, measurably higher than last year's authorized grant, which totaled NIS 4.7 million.
The development programs for which the funding was authorized include human collagen-based medical products leveraging CollPlant's technology. Of note, the Chief Scientist authorized the support of development of collagen and cell-based formulations intended for use as BioInk for 3D printing of tissues and organs. Also receiving Chief Scientist funding is a product to treat tears in tendons and ligaments, such as the Anterior Cruciate Ligament (ACL) in the knee joint. The development plans authorized by the Chief Scientist also include support for the completion of the development process of Vergenix™STR, a product to heal tendons inflammation, and other products.
Yehiel Tal, Chief Executive Officer - CollPlant: "We are delighted to receive the Chief Scientist's authorization for funding of CollPlant's development programs. The Chief Scientist's support over the years is an expression of his trust in the commercial potential of the Company's products. We are currently working on the European sales launch of Vergenix™FG, our wound healing product, and are in discussions with potential parties for European distribution of Vergenix™STR, our product to treat tendons inflammation, based on the projection that marketing authorization will be granted in the coming months. CollPlant is also working diligently to expand its pipeline products through the development of innovative new products addressing significant market needs, and which will contribute meaningfully to the value of the company."
CollPlant is a clinical-stage regenerative medicine company leveraging its proprietary, plant-based rhCollagen technology for the development and commercialization of tissue repair products, initially for the orthobiologics and advanced wound care markets. The Company's cutting-edge technology is designed to generate and process proprietary recombinant human collagen (rhCollagen), among other patent-protected recombinant proteins. Given that CollPlant's rhCollagen is identical to the type I collagen produced by the human body, it offers significant advantages compared to currently marketed tissue-derived collagen, including improved biofunctionality, superior homogeneity and reduced risk of immune response. The Company's broad development pipeline includes biomaterials indicated for orthopedics and advanced wound healing. Lead products include: Vergenix™STR (Soft Tissue Repair Matrix), for the treatment of tendinopathy; Vergenix™FG (Flowable Gel) wound filler, for treatment of acute and chronic wounds, and; Vergenix™BVF (Bone Void Filler), for use in spinal fusion procedures and trauma. CollPlant's business strategy includes proprietary development and manufacturing of tissue repair products and their commercialization and distribution, together with leading third parties, alongside alliances with leading companies for joint development, manufacturing and marketing of additional products.
For more information about CollPlant, visit http://www.collplant.com
Contact at CollPlant:
Chief Financial Officer
Tel: + 972-73-2325600/612
Contact at Rx Communications Group, LLC
Paula Schwartz (for US Investors)
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SOURCE CollPlant Ltd