CollPlant Provides Operational Update for Q1 2017
Company continues to pursue partnerships in the field of biological ink for 3D printing of organs and tissues
NESS ZIONA, Israel, May 31, 2017 /PRNewswire/ --
CollPlant (TASE: CLPT), a regenerative medicine company utilizing its proprietary plant-based rhCollagen (recombinant human "rhCollagen") technology for tissue repair products, provided an operational update for the first quarter ended March 31 2017.
During the period, the company continued to focus on product commercialization while pursuing its activities, including potential joint ventures with international companies, to develop biological ink (bioInk) for 3D printing of organs and tissues. Additionally, CollPlant has substantially reduced its operating costs, chiefly as a result of last year's successful completion of clinical trials, and the transition to commercialization of its first products. Subsequent to the end of the first quarter, the company expanded its footprint in Europe with the signing of a distribution agreement in Turkey for its wound healing product, VergenixFG®, and is working towards the signing of additional distribution agreements in these territories.
The biological ink sector - Collagen protein is a fundamental and significant component of connective tissues in the human body, and is therefore an ideal building block for the synthesis of bioInk, which is used in the production of 3D scaffolds, together with human cells and/or therapeutic proteins. Management views this sector as a major growth opportunity and is, therefore, pleased to report during the period, that it has been actively pursing key collaborations with international companies in the field of 3D printing of organs and tissues utilizing CollPlant's rhCollagen technology. Specifically, the Company is examining bioInk applications in the areas of orthopedics, dermatology, ophthalmology and cardiology, and others.
Yehiel Tal, Chief Executive Officer of CollPlant, stated, "CollPlant's proprietary rhCollagen represents a potential key component of biological ink, due to a number of unique and important attributes, including its excellent biological functionality, which is reflected in its rapid cell proliferation. Our rhCollagen also has a high level of homogeneity at the molecular level, which enables the production of bioInk with controlled and supervised physical attributes such as viscosity, strength and transparency. Additionally, CollPlant's rhCollagen has proven to be safe to use and does not cause allergic responses or lead to the transmission of diseases."
According to the U.S. Department of Health and Human Services, the number of people in the United States waiting for a transplant of a critical, life-saving organ such as a kidney, liver or pancreas, is approximately 118,000, and the organ transplant waiting list grows every year. BioInk is a significant component of the burgeoning 3D bioprinting market, which is expected to grow to approximately
1. U.S. Department of Health & Human Services; https://optn.transplant.hrsa.gov/
USD 1.8 billion by 2022, and to increase substantially as the printing technology, and all its components, continue to mature.
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
2. Grand View Research; "3D Bioprinting Market Size To Be Worth $1.82 Billion By 2022," April 2016
Contact at CollPlant:
Chief Financial Officer
Contact at Rx Communications Group, LLC: Paula Schwartz (for US Investors)
Released May 31, 2017