CollPlant Reports Fourth Quarter and

CollPlant Reports Fourth Quarter and

Year End 2017 Financial Results and

Provides Business Update

Ness Ziona, March 21, 2018, CollPlant (NASDAQ:CLGN,

TASE:CLGN), a regenerative medicine company utilizing its proprietary plant-based rhCollagen technology for tissue repair products

(recombinant human, "rhCollagen"), today announced financial results for the fourth quarter and year ended December

31, 2017 and provided an update on the Company's business developments.

"During the fourth quarter of 2017,

we made significant progress in advancing our 3D-bio printing business. Specifically, our development activities with various biotechnology

and medical device companies continued to move forward, as planned. Of note, during the fourth quarter of 2017 and through the

first quarter of 2018, we were pleased to have supplied both first and repeat orders of our rhCollagen-based BioInk to a leading,

multinational biotechnology company, for the development of organs bioprinting technology. During the fourth quarter of 2017, we

also initiated development of a 3D-bioprinted orthopedic implant prototype, leveraging our rhCollagen-based BioInk, for a leading

medical device company," said Yehiel Tal, CollPlant's Chief Executive Officer.

"During the first quarter of 2018, we

were honored to announce that CollPlant is part of the Regenerative Medicine Development Organization's (ReMDO) advanced

biomanufacturing initiative for the development of a universal BioInk with tunable properties for 3D bioprinting of tissues and

organs. This important bioink initiative includes 18 leading research and industry organizations, as well as thought leaders in

the field of 3D bioprinting, specializing in printing technologies, biomaterials and application research," noted Mr. Tal.

"During the past year, CollPlant expanded

its activities within the aesthetic field with the development of a next generation of dermal fillers based on our rhCollagen.

We are now actively pursuing collaborations with key companies in this field," added Mr. Tal.

"Additionally, during 2017, we continued

to penetrate the European market with sales of our two first products, Vergenix STR for the treatment of tendinopathy, and

Vergenix FG, a wound filler, for treatment of acute and chronic wounds. Over time, we have received positive feedback from

physicians who have treated patients with both of these products and we are working to continue to penetrate the market. We are

pleased to note, that, recently, Arthrex GmbH, which distributes our Vergenix STR product in combination with its ACP-Tendo,

presented promising treatment results based on a European case series, including patients with injuries involving the rotator cuff,

Achilles tendon, Perneal tendon, Tibialis tendon and Common extensor tendon," concluded Mr. Tal.

Fourth Quarter 2017 Financial Results

Revenues for the fourth quarter of 2017 were

NIS 952,000 ($275,000), an increase of 375% compared to NIS 200,000 ($58,000) for the fourth quarter of 2016.

Gross profit for the fourth quarter of 2017

was NIS 900,000 ($260,000), an increase of 348% compared to NIS 200,000 ($58,000) in the fourth quarter of 2016.

Research and development expenses for the

fourth quarter of 2017, net of participations, were NIS 2.98 million ($859,000), an increase of 42% compared to NIS 2.11 million

($608,000) for the fourth quarter of 2016.

General, administrative and marketing expenses

for the fourth quarter of 2017 were NIS 4.11 million ($1.19 million), a decrease of 19% compared to NIS 5.04 million ($1.45 million)

for the fourth quarter of 2016.

Operating loss for the fourth quarter of 2017

was NIS 6.19 million ($1.78), an increase of 11% compared to NIS 6.95 million ($2.00 million) for the fourth quarter of 2016.

The Company posted a comprehensive loss of

NIS 5.91 million ($1.70 million), or NIS 0.04 ($0.01) per share, for the fourth quarter of 2017, compared to a net loss

of NIS 7.05 million ($2.03 million), or NIS 0.07 ($0.02) per share, for the fourth quarter of 2016.

Year Ended December 31, 2017 Financial

Revenues from sale of VergenixFG, VergenixSTR,

and our Bioink in the year ended December 31, 2017 were NIS 1.67 million ($481,000), an increase of 472%, compared to NIS

292,000 ($84,000) in the year ended December 31, 2016.

Gross profit for the year 2017 was NIS 1.62

million ($466,000), an increase of 455% compared to NIS 292,000 ($84,000) for the year ended December 31, 2016.

Research and development expenses for year

2017, net of participations, were NIS 14.07 million ($4.06 million), a decrease of 16% compared to NIS 16.79 million ($4.84 million)

for the year ended December 31, 2016.

General, administrative and marketing expenses

for the year 2017 were NIS 8.30 million ($2.39 million), a decrease of 25% compared to NIS 11.05 million ($3.19 million) for the

year ended December 31, 2016.

loss for the year 2017 was NIS 20.75 million ($5.99 million), a decrease of

25% compared to NIS 27.54 million ($7.94 million) for the year ended December 31, 2016.

Comprehensive loss was NIS 20.88 million ($6.02

million), or NIS 0.16 ($0.05) per share, for the year 2017 compared to a net loss of NIS 27.89 million ($8.04 million),

or NIS 0.28 ($0.08) per share, for the year ended December 31, 2016.

Balance Sheet Highlights

As of December 31, 2017, the

Company had cash and cash equivalents of NIS 17.82 million ($5.14 million), compared to NIS 3.80 million ($1.10 million) as

of December 31, 2016. The increase was mainly due to NIS 32.39 million ($9.34 million) in proceeds generated by financing

activities. The Company utilized NIS 17.88 million ($5.16 million) in cash to fund its operating activities during

For the convenience of the reader, the

amounts have been translated from NIS into U.S. dollars, at the representative rate of exchange as of December 31, 2017 (U.S. $1

The Company's consolidated financial results

for the twelve months ended December 31, 2017 are presented in accordance with International Financial Reporting Standards.

CollPlant is a regenerative

medicine company focused on 3D bioprinting of tissues and organs, and on developing and commercializing tissue repair products

for orthobiologics, and advanced wound care markets. Our products are based on our rhCollagen (recombinant human collagen) that

is produced with CollPlant's proprietary plant based genetic engineering technology.

Our products address indications for diverse

fields of organ and tissue repair, and are ushering in a new era in regenerative medicine. Our flagship rhCollagen BioInk product

line is ideal for 3D bioprinting of tissues and organs, and our unique Vergenix line of rhCollagen products includes a soft tissue

repair matrix for treating tendinopathy and a wound repair matrix to promote a rapid optimal healing of acute and chronic wounds.

For more information

about CollPlant, visit http://www.collplant.com

Safe Harbor Statements

This press release may include forward-looking

statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives

plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that

Collplant 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 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 Company'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; the Company's

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

its rhCollagen based Bioink, VergenixSTR, and VergenixFG; the Company's ability to obtain favorable pre-clinical and clinical

trial results; regulatory action with respect to rhCollagen based BioInk, VergenixSTR, and VergenixFG 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 Company's rhCollagen based BioInk,