News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

CollPlant Signs Definitive Agreement For $5 Million Private Placement With U.S. Investor



9/11/2017 7:39:17 AM

  Life Sciences Jobs  
  • Newest Jobs - Last 24 Hours
  • California Jobs
  • Massachusetts Jobs
  • New Jersey Jobs
  • Maryland Jobs
  • Washington Jobs
  View More Jobs

NESS ZIONA, Israel, September 11, 2017 /PRNewswire/ -- CollPlant (TASE: CLPT), a regenerative medicine company utilizing its proprietary plant-based rhCollagen (recombinant human Collagen") technology for tissue repair products, announced the signing of a definitive agreement with a US investor for a $5 million private placement. Closing of the first phase of the transaction is expected in mid-September. As part of the agreement, and as previously announced, CollPlant will pursue an up-listing of its ADSs on the NASDAQ Exchange immediately following the first Closing.

The Company also announced that continued intention of several of its largest current shareholders to invest substantial additional capital through a subsequent, private placement transaction.     

Yehiel Tal, Chief Executive Officer of CollPlant, stated, "We are pleased to have signed a definitive agreement with this US investor. This transaction, once closed, and in combination with potential, additional funds from current investors, will increase our financial stability and allow us to progress our strategic plan more rapidly. In addition to supporting our Vergenix STR and Vergenix FG commercial distribution partners in Europe, we continue to advance our pipeline, including a novel rhCollagen-based BioInk for 3D printing of tissues and organs. We believe that our unique tissue repair technology may represent a potential paradigm shift in the field of regenerative medicine, and we look forward to raising CollPlant's profile and expanding our shareholder base through an up-listing to the NASDAQ Exchange."

Details of the Transaction

As previously detailed in a company press release dated September 5, 2017, the financing transaction will occur in three tranches: $2 million upon signing of the transaction agreement, $2 million upon approval of the transaction at a soon-to-be-convened special meeting of shareholders, and $1 million upon a successful up-listing to the NASDAQ Exchange.

About CollPlant

CollPlant is a regenerative medicine company leveraging its proprietary, plant-based recombinant human collagen (rhCollagen) technology for the development and commercialization of tissue repair products, initially for the orthobiologics, 3D Bio-printing of tissue and organs, and advanced wound care markets. The Company's cutting-edge technology is designed to generate and process proprietary rhCollagen, among other patent-protected recombinant proteins. Given that CollPlant's rhCollagen is identical to the type I collagen produced by the human body, it offers significant advantages compared to currently marketed tissue-derived collagen, including improved biofunctionality, superior homogeneity and reduced risk of immune response. The Company's broad development pipeline includes biomaterials indicated for orthopedics and advanced wound healing. Lead products include: Vergenix®STR (Soft Tissue Repair Matrix), for the treatment of tendinopathy; and Vergenix®FG (Flowable Gel) wound filler, for treatment of acute and chronic wounds. CollPlant's business strategy includes proprietary development and manufacture of tissue repair products and their commercialization and distribution, together with leading third parties, alongside alliances with leading companies for joint development, manufacture and marketing of additional products.

For more information about CollPlant, visit http://www.collplant.com.

 

Contact:
CollPlant:
Eran Rotem
Chief Financial Officer
Tel: +972-73-2325600/612
E-mail: Eran@collplant.com

Rx Communications Group, LLC:
Paula Schwartz (for US Investors)
Managing Director
Tel: +1-917-322-2216
E-mail: pschwartz@rxir.com  

View original content:http://www.prnewswire.com/news-releases/collplant-signs-definitive-agreement-for-5-million-private-placement-with-us-investor-300516927.html

SOURCE CollPlant


Read at BioSpace.com


comments powered by Disqus
CollPlant
 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES