CollPlant received authorization from the Chief Scientist of Israel's Ministry of Economy for funding ~50% of its NIS 12MM (~US $3.1MM) development project for 2016.
Funds will support development of products to treat torn tendons/ligaments, as well as final development of Vergenix™STR to treat inflamed tendons, for which the company is pursuing EU distribution partners.
In 1Q16, CollPlant announced positive final clinical trial results for VergenixSTR plant-based rhCollagen technology in the treatment of tendinopathy. The company submitted its technical file in late 4Q15 in anticipation of CE Mark approval in 2Q16.
Source: CollPlant Ltd., ORTHOWORLD Inc.