Yes, there is a free Coinprism app for Android. It is available on any Android phone or tablet running at least Android 4.0.3.
With Coinprism for Android, you will be able to store, send and receive Colored Coins from your mobile device. It is important to note that it doesn’t require any sign-up on Coinprism or any service. The wallet will generate an HD seed as you start it up for the first time. From then on, the key will be stored encrypted on the device.