CollPlant said today it won CE Mark approval in the European Union for its Vergenix FG flowable gel intended to treat chronic and acute wounds.
In response to the news, the company’s share price was up 4.62% on the Tel Aviv Stock Exchange at midday.
The wound-filling gel utilizes Israel-based CollPlant’s proprietary tobacco plant-based technology which the company claims allows for large scale production of recombinant human collagen.
“We are delighted to have received the CE Mark that will enable to market Vergenix FG in Europe. Vergenix FG is one of the world’s 1st medical devices containing a recombinant collagen sourced from plants. We are now seeking distributors in Europe in order to set up the necessary sales infrastructure, where initial sales are expected to begin in 2016,” CEO Yehiel Tal said in prepared remarks.
CollPlant said that Vergenix FG requires only a single treatment, as opposed to multiple, repetitive treatments, making the product more convenient and cost-effective.