CollPlant and United Therapeutics Announce Exercise of Option that will Expand their Collaboration to Include 3D Bioprinting of Human Kidneys for Transplant Expanded collaboration combines CollPlant's proprietary BioInk

CollPlant and United Therapeutics Announce

Exercise of Option that will Expand their Collaboration to Include 3D Bioprinting of Human Kidneys for Transplant

REHOVOT, Israel and SILVER SPRING,

Maryland, September 21, 2020 -- CollPlant Biotechnologies (NASDAQ: CLGN) and United Therapeutics Corporation (NASDAQ: UTHR)

today announced an expansion of their collaboration with the exercise by United Therapeutics of its option to cover a second lifesaving

organ, human kidneys. United Therapeutics paid CollPlant $3 million for the option exercise.

The collaboration agreement combines

CollPlant's proprietary recombinant human collagen (rhCollagen) and BioInk technology with the regenerative medicine and

organ manufacturing capabilities of United Therapeutics.

The option exercise grants United Therapeutics

through its wholly owned organ manufacturing and transplantation-focused subsidiary, Lung Biotechnology PBC, an exclusive license

to CollPlant's technology for the production and use of rhCollagen-based BioInk for 3D bioprinting of human kidneys. This

expanded collaboration is aimed at helping reduce global organ shortages and thereby potentially saving lives of millions of patients

on kidney waiting lists.

"Organ shortages are an unmet global

health need and by partnering with United Therapeutics for the past couple of years, we have made significant progress with this

pivotal organ manufacturing initiative," stated Yehiel Tal, the Chief Executive Officer of CollPlant. "United Therapeutics

is pioneering the emerging organ manufacturing field, and we are honored to be part of this effort via this partnership. This

option exercise demonstrates another important validation of our rhCollagen platform technology, performing as an optimal building

block for regenerative medicine. We remain committed to exploring new innovative applications in the fields of medical aesthetics

and 3D bioprinting of tissues and organs."

"We are excited to expand our

collaboration with CollPlant's extraordinary technology to transform the tobacco plant - one that is so associated

with devastating diseases - into a collagen-expressing plant that will be essential to the production of an unlimited number

of transplantable organs," said Martine Rothblatt, Ph.D., Chairman and Chief Executive Officer of United Therapeutics. "Our

collagen-expressing plants are already flourishing in Texas where we enjoy three growing seasons."

The collaboration agreement itself, which

was signed in October 2018, granted United Therapeutics an exclusive license to CollPlant's technology for the production

and use of rhCollagen-based BioInk for 3D bioprinted lung transplants. CollPlant will manufacture and supply BioInk for a few

years to meet development process demand and will provide technical support to United Therapeutics as it establishes a U.S. facility

for the manufacture of CollPlant's rhCollagen and BioInk.

Under financial terms of the original collaboration

agreement, CollPlant received an upfront payment of $5 million and will receive milestone payments of up to $15 million based

on the achievement of certain operational and regulatory milestones related to the development of manufactured lungs. The agreement

also provides United Therapeutics with an option to extend the license to two remaining additional life-saving organs with option

exercise payments of up to $6 million. As a result of the option exercise for human kidneys these options have been extended for

an additional one year through November 9, 2021. The agreement also provides additional developmental milestone payments of up

to $15 million if United Therapeutics elects to develop manufactured organs other than lungs using CollPlant's technology.

CollPlant will also be entitled to royalties on sales of commercialized products covered by patents licensed from CollPlant.

regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs, and medical aesthetics. CollPlant's

products are based on its rhCollagen (recombinant human collagen) that is produced with CollPlant's proprietary plant based genetic

engineering technology.

products address indications for the diverse fields of tissue repair, aesthetics and organ manufacturing, and are ushering in

a new era in regenerative and aesthetic medicine.

flagship rhCollagen BioInk product line is ideal for 3D bioprinting of tissues and organs. In October 2018, CollPlant entered

into a licensing agreement with United Therapeutics, whereby United Therapeutics is using CollPlant's BioInks in the manufacture

of 3D bioprinted lungs for transplant in humans.

January 2020, CollPlant entered into a Joint Development Agreement with 3D Systems Corporation, or 3D Systems, pursuant to which

CollPlant and 3D Systems jointly develop tissue and scaffold bioprinting processes for third party collaborators. CollPlant's

industry collaboration also includes the Advanced Regenerative Manufacturing Institute, or ARMI.

more information, visit http://www.collplant.com.

United Therapeutics Corporation

Therapeutics Corporation focuses on the strength of a balanced, value-creating biotechnology model. We are confident in our future

thanks to our fundamental attributes, namely our obsession with quality and innovation, the power of our brands, our entrepreneurial

culture, and our bioinformatics leadership. We also believe that our determination to be responsible citizens - having a

positive impact on patients, the environment, and society - will sustain our success in the long term.

our wholly owned subsidiary, Lung Biotechnology PBC, we are focused on addressing the acute national shortage of transplantable

lungs and other organs with a variety of technologies that either delay the need for such organs or expand the supply. Lung Biotechnology

is the first public benefit corporation subsidiary of a public biotechnology or pharmaceutical company.

Harbor for Forward-Looking Statements

press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements

relating to CollPlant's and United Therapeutics' objectives, plans and strategies, as well as statements, other than historical

facts, that address activities, events or developments that CollPlant and United Therapeutics each intends, expects, projects,

believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes,"

"hopes," "may," "anticipates," "should," "intends," "plans," "will,"

"expects," "estimates," "projects," "positioned," "strategy" and similar expressions

and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current

conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees

of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those

expressed or implied in such statements. Many factors could cause CollPlant's and United Therapeutics' actual activities

or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not

limited to, the following: the CollPlant's history of significant losses and its need to raise additional capital and its

inability to obtain additional capital on acceptable terms, or at all; CollPlant's and United Therapeutics' expectations

regarding the timing and cost of commencing clinical trials with respect to tissues and organs which are based on its rhCollagen-based

BioInk; the CollPlant's and United Therapeutics' ability to obtain favorable pre-clinical and clinical trial results;

regulatory action with respect to rhCollagen-based BioInk, including but not limited to acceptance of an application for marketing

authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial

success and market acceptance of the CollPlant's rhCollagen-based BioInk and United Therapeutics' manufactured organs;

CollPlant's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance

on third-party distributors and resellers; CollPlant's and United Therapeutics' ability to establish and maintain

strategic partnerships and other corporate collaborations; CollPlant's and United Therapeutics' reliance on third

parties to conduct some aspects of its product manufacturing; the scope of protection CollPlant and United Therapeutics are able

to establish and maintain for intellectual property rights and the companies' ability to operate their business without

infringing the intellectual property rights of others; the overall global economic environment; the impact of competition and

new technologies; general market, political, and economic conditions in the countries in which the companies operate; projected

capital expenditures and liquidity; changes in the companies' strategy; and litigation and regulatory proceedings. More

detailed information about the risks and uncertainties affecting CollPlant and United Therapeutics is contained under the heading

"Risk Factors" included in CollPlant's and United Therapeutics' most recent annual report on Form 20-F and Form

10-K, respectively, filed with the SEC, and in other filings that CollPlant and United Therapeutics have made and may make with

the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release

and reflect CollPlant's and United Therapeutics' current views with respect to future events, and neither company undertakes,

and each company specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result

of new information, future events or otherwise.