CollPlant Ltd, a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products, announced that it has received authorization from the Chief Scientist of Israel's Ministry of Economy, for funding approximately 50 per cent 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 programmes 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 VergenixSTR, a product to heal tendons inflammation, and other products.

ehiel Tal, chief executive officer - CollPlant: "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 VergenixFG, our wound healing product, and are in discussions with potential parties for European distribution of VergenixSTR, 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."