Continuing to build on 2016

CollPlant is building on its progress in 2016 by increasing its distribution of VergenixFG and actively pursuing potential partnerships for its earlier-stage rhCollagen technology BioInk for 3D printing of organs and tissues. We forecast the need for a fund-raising this year and management indicated in the Q1 results that it believes it has sufficient funds into Q317. We have slightly increased our rNPV to $70m (NIS248m) as a result of rolling our model forward and using the Q1 cash position.