NESS ZIONA, Israel, Nov. 28, 2017 /PRNewswire/ -- CollPlant (TASE: CLPT, OTC: CQPTY) - a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products (recombinant human, "rhCollagen"), announced that it has signed an agreement with a distributor in Greece and Cyprus. Under the terms of the agreement, the distributor undertook to make the first order for the product when signing the agreement, in an amount that is not material to the Company. The distributor is a Greek company operating in the field of medical devices, and the agreement is exclusive for a period of three years, with an option for an extension.
Yehiel Tal, CEO of CollPlant: "The agreement is the continuation of the implementation of our penetration strategy of the product into Europe and to increase of sales. This is the fifth distributor that has come on board to distribute the product, while in parallel we are continuing to receive positive feedback from treatments carried out in Europe, reflected in rapid recovery of chronic wounds."
Vergenix®FG is based on the Company's collagen technology, and is designed to treat chronic hard-to-heal wounds such as diabetic ulcers, pressure sores, surgical cuts and trauma wounds. The product is injected directly into the wound, filling it and contributing to the healing process until full wound closure, without any side effects.
CollPlant is a regenerative medicine company leveraging its proprietary, plant-based recombinant human collagen (rhCollagen) technology for the development and commercialization of tissue repair products, initially for the orthobiologics, 3D Bio-printing of tissue and organs, and advanced wound care markets. The Company's cutting-edge technology is designed to generate and process proprietary 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; and Vergenix®FG (Flowable Gel) wound filler, for treatment of acute and chronic wounds. CollPlant's business strategy includes proprietary development and manufacture of tissue repair products and their commercialization and distribution, together with leading third parties, alongside alliances with leading companies for joint development, manufacture and marketing of additional products.
For more information about CollPlant, visit http://www.collplant.com