The company has developed an innovative medication for the treatment of burns and is currently carrying out Phase III trials.
Israeli biotechnology company MediWound Ltd., which has developed an innovative medication for the treatment of burns, has raised NIS 12 million at a value of $30 million before the money.
The financing round was led by venture capital firm Polar Investments (TASE: PLR), which invested NIS 9 million in exchange for a 6% share in the company. The remaining NIS 3 million was raised from Clal Biotechnology Industries Ltd., which owns an 80% stake in MediWound. The company has raised a total of $14 million to date, from Clal Biotechnology Industries Ltd., Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and the Chief Scientist.
MediWound’s medication is administered through a debriding agent called “Debrase Gel Dressing.” The company is currently carrying out Phase III clinical trials. Although it has not been overly exposed so far, MediWound is considered by the market to be a promising company and has even been referred to as “the company most likely to bring Israel’s next ethical drug to the market.”
MediWound’s product works by removing the eschar layer from burn tissue by means of enzymatic action.
Published by Globes [online], Israel business news - www.globes.co.il - on May 10, 2006
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