Regenerative medicine company CollPlant said today it received agrant from the Israel Innovation Authority to help support its plant-based rhCollagen technology for tissue repairs.
The grant will specifically support uses of its rhCollagen-based formulations intended for use as BioInk for 3D printing tissues and organs, the company said. The total budget for the program $1.2 million (NIS 4.2 million), of which the grant will finance 30% of, subject to certain conditions.
Terms of the grant will require that CollPlant pay royalties to the IIA on future sales of technology developed with the funds, up to the full grant amount, CollPlant said.
“In addition to providing immediate non-dilutive funding, this grant from the Israel Innovation Authority represents an important validation of our BioInk technology and its market potential. With the recent opening of our new cGMP production facility in Rehovot, Israel, we are well positioned to meet growing demand for our BioInk and tissue repair products. We are grateful to the IIA for this recognition,” CEO Yehiel Tal said in a press release.
Last September, CollPlant said it inked a $5 million private placement deal to support its tissue repair technology.