CollPlant Holdings Ltd. ADR (CQPTY)

[midastouch017]

Innovation Authority Gives Vote of Confidence: CollPlant Receives Innovation Authority Approval for USD One Million R&D Program with 40% Funding

NESS ZIONA, Israel, October 30, 2017 /PRNewswire/ --

CollPlant (CLPT.TA) - a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products (recombinant human, "rhCollagen"), announces that it has received the Ministry of Economy Innovation Authority's approval for CollPlant's research and development program for 2017.

Innovation Authority approval was given for the Company's plans for developing collagen-based bio-ink for 3D printing of tissue and organs; for developing collagen manufacturing processes; and for developing tobacco cultivars supporting enhanced collagen yields. Research and development expenses approved for CollPlant in 2017 total NIS 3.5 million, with 40% participation in R&D costs.

Yehiel Tal, CEO of CollPlant said: "We are pleased that the Innovation Authority has approved funding for CollPlant's development plans, giving its vote of confidence in the commercial potential of the Company's products. This funding will help the Company advance its activities in various fields, such as bio-ink for 3D printing of organs and tissues, which is a key product for the Company with significant commercial potential."

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