CollPlant Ltd., which develops tobacco-derived human collagen and other recombinant proteins, today announced that is a member of a consortium that has obtained hundreds of thousands of euros in financing from the EU Seventh Framework Progamme for Research and Development. CollPlant added that the consortium's tendon regeneration project was ranked first among all competing projects in its category.

CollPlant says that there is no adequate medical treatment for damaged tendons, which the project aims to correct. The project will take four years, during which CollPlant and its partners will conduct joint research and exchange personnel.

CollPlant, founded in 2004, is a graduate of Meytag Technology Incubator, controlled by Biomedix Incubator Ltd. (TASE:BMDX). It is one of the few companies in the world able to produce human collagen and other human proteins from plants.

Meanwhile, CollPlant is to be merged into a stock market shell company, Portfolio Green, in a share swap deal at a value of NIS 146 million for CollPlant. CollPlant;s existing owners will end up owning 71% of the merged company.

Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2010

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