Business
MediWound Reports Second Quarter 2024 Financial Results and Provides Company Update
Completed Construction of New NexoBrid® Manufacturing Facility €16.25 Million EIC Funding Expedites EscharEx® Development for Diabetic Foot Ulcers,
About this update from Mediwound Ltd.
[{"type":"text","content":"Completed Construction of New NexoBrid® Manufacturing Facility €16.25 Million EIC Funding Expedites EscharEx® Development for Diabetic Foot Ulcers, Significantly Expanding the Addressable Market; Phase III Study for Venous Leg Ulcers to Begin in H2 2024 $25 Million Strategic Investment Led by Mölnlycke Health Care Conference Call Today, August 14 at 8:30am Eastern Time YAVNE, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq: MDWD), the global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the second quarter ended June 30, 2024, and provided a corporate update. “This has been another strong quarter for MediWound as we continue to successfully execute our strategic plan,” said Ofer Gonen, Chief Executive Officer of MediWound. “We have completed construction of our new GMP-compliant, state-of-the-art manufacturing facility for NexoBrid® addressing the growing global demand for this product. We are well on track to achieving our two remaining key goals: accelerating NexoBrid's revenue growth and initiating the Phase III clinical trial for EscharEx. In addition to these strategic milestones, we secured €16.25 million in funding from the European Innovation Council (EIC) to expand EscharEx’s indications to include diabetic foot ulcers, significantly increasing the product’s total addressable market. Furthermore, we raised $25 million in financing led by Mölnlycke Health Care, an industry leader, demonstrating confidence in our technology and further strengthening our financial position.” Second Quarter 2024 Highlights, Recent Developments and Upcoming Milestones: NexoBrid Construction of our new, state-of-the-art GMP-compliant manufacturing facility is complete. Commissioning will begin soon, aiming for full operational capacity in 2025. This expansion will increase manufacturing capacity sixfold.U.S. launch by Vericel continues to build momentum. Approximately 70 burn centers have completed submissions to Pharmacy and Therapeutics (P&T) committees, with 40+ centers already obtaining approval, and nearly all of those placing initial product orders. Vericel reported a notable increase in hospital orders and the number of patients treated, driving a revenue growth of 76% over prior quarter.Results from the U.S. NexoBrid Expanded Access Protocol (NEXT) were positi...