The wound treatment company has filed at a valuation of $400 million.
Burns and chronic wound treatment company MediWound Ltd. plans to raise up to $75 million in a Nasdaq IPO, according to the prospectus filed on Monday with the US Securities and Exchange Commission (SEC). The amount is less than the $100 million the company originally planned to raise, however it still plans to hold the offering at a market cap of $400 million, before money. It plans to list under the symbol MDWD.
Clal Industries and Investments Ltd. (TASE: CII), controlled by Len Blavatnik's Access Industries Inc., owns 63% of MediWound. Other shareholders are Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) (9.4%), Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (8.8%), and entrepreneur Leor Rosenberg (12%). The company had a loss of $15.3 million on no income in 2013. Its cash burn rate of $3.6 million is expected to jump with the marketing of its NexoBrid gel, and because its former partner, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), no longer finances clinical trials of other products. The company had $9.5 million in cash at the end of 2013.
Credit Suisse Securities LLC, Jefferies, and BMO Capital Markets are the underwriters.
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2014
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