Israeli biopharmaceutical company MediWound Ltd. (Nasdaq: MDWD), which has developed and sells a preparation for treating for burns that is undergoing clinical trials for treating wounds, has announced that it has raised $27.5 million.
The company says it plans to use the net proceeds from the offering primarily for the acceleration of the development of EscharEx for treating wounds, establishing a US commercial presence, supporting business development activities, and for general corporate purposes. The company may also use a portion of the net proceeds to in-license, invest in or acquire businesses, technologies, products or assets that it believes are complementary to its own, although it has no current plans, commitments or agreements with respect to any acquisitions or in-licenses at this time.
MediWound's share price has recovered in recent months after the company raised $30 million in September. In the year before that the share price had lost 51% but over the past few months it has risen nearly 40% to give a market cap of $80.8 million. Clal Biotechnology Industries (TASE: CBI) holds 17% of the company.
MediWound, under CEO Ofer Gonen, develops non-surgical bio-therapeutic solutions for tissue repair and regeneration. The company extracts from the stem of the pineapple plant a substance (bromelain) that can remove burned skin without harming healthy tissue. This process is currently a surgical procedure. The company’s product for treating burns has been sold in the European market for about a decade.
Published by Globes, Israel business news - en.globes.co.il - on February 5, 2023.
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