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2016 was an important year for CollPlant as it completed a clinical study and received its CE approval for VergenixSTR, entered into an exclusive distribution agreement with Arthrex to commercialise VergenixSTR in EMEA and launched VergenixFG in Europe. We expect CollPlant to build on this progress in 2017 by increasing its distribution of VergenixFG and orders from Arthrex, alongside developing its earlier-stage rhCollagen technology BioInk for 3D printing of organs and tissues. We note that there is a fund raising requirement this year. We have slightly increased our rNPV to $66m (NIS244m) on FY16 results having also rolled the model forward.

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