CollPlant Receives Chief Scientist’s Authorization for a NIS 12 Million Research and Development Projects with Funding of Approximately 50%
NESS ZIONA, Israel, May 31, 2016 /PRNewswire/ — CollPlant Ltd. (TASE: CLPT), a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products – announces that it has received authorization from the Chief Scientist of Israel’s Ministry of Economy, for funding approximately 50% of its NIS 12 million development project for 2016. The Chief Scientist’s grant amount to NIS 5.6 million, measurably higher than last year’s authorized grant, which totaled NIS 4.7 million.
The development programs for which the funding was authorized include human collagen-based medical products leveraging CollPlant’s technology. Of note, the Chief Scientist authorized the support of 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.