Innovation Authority Gives Vote of Confidence: CollPlant Receives Innovation Authority Approval for USD One Million R&D Program with 40% Funding
NESS ZIONA, Israel, October 30, 2017 /PRNewswire/ --
CollPlant (TASE: CLPT) - a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products (recombinant human, "rhCollagen"), announces that it has received the Ministry of Economy Innovation Authority's approval for CollPlant's research and development program for 2017.
Innovation Authority approval was given for the Company's plans for developing collagen-based bio-ink for 3D printing of tissue and organs; for developing collagen manufacturing processes; and for developing tobacco cultivars supporting enhanced collagen yields. Research and development expenses approved for CollPlant in 2017 total NIS 3.5 million, with 40% participation in R&D costs.
Yehiel Tal, CEO of CollPlant said: "We are pleased that the Innovation Authority has approved funding for CollPlant's development plans, giving its vote of confidence in the commercial potential of the Company's products. This funding will help the Company advance its activities in various fields, such as bio-ink for 3D printing of organs and tissues, which is a key product for the Company with significant commercial potential."
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.
Contact at CollPlant:
Chief Financial Officer
Contact at Rx Communications Group, LLC:
Paula Schwartz (for US Investors)
Released October 30, 2017