Fund-raising should enable strategic delivery

CollPlant has announced the signing of a definitive agreement with a US investor for a $5m private placing. The investment is in three tranches: signing the agreement; approval; and successful up-listing to the NASDAQ exchange. This is a significant step for CollPlant, in our opinion, as it enables the company to develop strategically by increasing its distribution of Vergenix products and progress its earlier-stage rhCollagen technology bioInk for 3D printing of organs and tissues. We have increased our rNPV to $73m (NIS262m) as a result of rolling our model forward a quarter and using the Q2 cash and first tranche of the fund-raising.