Pharma company MediWound Ltd. (Nasdaq:MDWD), whose market cap is $131 million, has announced the completion of a $25.2 million financing round, following the exercise of the underwriters' greenshoe options to buy shares for $3.2 million. The underwriters were Cown & Co., Wells Fargo, Oppenheimer, AgIS Capital, and SunTrust Robinson Humphrey.
Clal Biotechnology Industries Ltd. (TASE: CBI) owns a 43% stake in MediWound.
MediWound plans to use the issue proceeds mainly in order to fund a Phase III trial of its EscharEx product for healing wounds. The company's product for treating burns has already been approved for marketing in Europe. Sales are still small, but its continued development for the US market and a pediatric form of the product is being funded under an agreement with Biomedical Advanced Research and Development Authority (BARDA), the US agency responsible for procurement for emergencies.
The burns market is estimate at several hundred million dollars, but the wounds treatment market is believed to amount to over $1 billion. 1.3 million patients suffering from chronic wounds caused by diabetes or venous insufficiency undergo debridement of their wounds each year. MediWound has developed a method of debridement without surgery that is simpler and more accurate.
Published by Globes [online], Israel Business News - www.globes-online.com - on October 29, 2017
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