Regenerative medicine company CollPlant has received a funding of NIS 5.6 million (approx. $ 1.5 million) from the Israeli Chief Scientist’s Office for the development of human collagen-based medical products.
CollPlant’s proprietary plant-based rhCollagen technology is used for the development and commercialisation of tissue repair products. The funds will be used for the development of collagen and cell-based formulations intended for use as bioink for 3D printing tissues and organs. Additionally, funds will go toward a product to treat tears in tendons and ligaments, such as the Anterior Cruciate Ligament (ACL) in the knee joint as well as the development process of Vergenix STR, a product to heal tendons inflammation.
Yehiel Tal, CEO of CollPlant, said: “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.”