The Israeli regenerative medicine company has been awarded NIS 5.6m in Chief Scientist grants for 2016.
Israeli regenerative medicine company CollPlant Holdings Ltd. (TASE: CLPT) has received authorization from the Chief Scientist of Israel’s Ministry of Economy, for funding about 50% of its NIS 12 million development project for 2016. The Chief Scientist’s grant amounts to NIS 5.6 million up from NIS 4.7 million last year.
CollPlant utilizes its proprietary plant-based rhCollagen technology for tissue repair products and the funded projects include 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.
CollPlant CEO Yehiel Tal said, “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.”