MediWound To Raise $125M In Secondary Offering

January 28, 2016 | Israeli biomedical company MediWound submitted a shelf prospectus for raising up to $125 million in a secondary offering through an issue of shares, options, debt, and/or a combination of the three. Developer of the NexoBrid product for removing eschar, or damaged tissue often from severe burns, MediWound held its Nasdaq IPO in 2014, raising $75 million at $14 per share, compared with the current $7.20 share price. The product has yet to be approved for marketing in the US and the company had net losses of $7.8 million in the fourth quarter of 2015 and $22.1 million for the year, 9% and 17% more, respectively, than its losses in the corresponding periods of 2014. However, sales of NexoBrid have begun in several countries outside the US, generating $267,000 in revenues for Q4-2015, 115% more than in the corresponding quarter in 2014. Most of this growth is attributable to sales in Romania, following the humanitarian aid supplied there by the company. “We made meaningful strides in 2015 in enhancing interest in NexoBrid throughout Europe,” said Mediwound President Gal Cohen, adding that the company had trained over 75% of the burn centers in Europe, and that over half of these burn centers had begun using the product.