MediWound Reports First Quarter 2017 Financial Results

YAVNE, Israel, May 08, 2017 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq:MDWD), a fully-integrated biopharmaceutical company bringing innovative therapies to address unmet needs in severe burn and wound management, reports financial results for the three months ended March 31, 2017.

Highlights of the first quarter of 2017 and recent weeks include:

• Total revenues for the first quarter of 2017 were $0.54 million, a 113% increase from $0.25 million in the first quarter of 2016, underscoring the continuous growth of NexoBrid^® sales;
• Obtained U.S. Food and Drug Administration (FDA) concurrence that complete debridement will be the primary endpoint of the U.S. pivotal program for EscharEx^®;
• An independent cost analysis review utilizing NexoBrid in severe burn management was published in BioMed Research International and showed that NexoBrid reduced average treatment costs per patient by more than €5,000 compared with standard-of-care (SOC);
• Multiple presentations at the American Burn Association (ABA) Annual Meeting highlighted the positive results achieved by clinicians using NexoBrid as an enzymatic debridement for severe burns and EscharEx for debridement of chronic wounds;
• A "Meet the Expert" panel comprised of seven leading burn specialists from across Europe and the U.S. was convened at the ABA and shared outcomes from their use of NexoBrid for the debridement of severe burns and provided insight into the role of NexoBrid as a potential part of the U.S. SOC;
• Multiple presentations at the Symposium on Advanced Wound Care (SAWC) Spring 2017 highlighted the positive results achieved by clinicians using NexoBrid as an enzymatic debridement for severe burns and EscharEx for debridement of chronic wounds; and
• Successful completion of a Good Manufacturing Practice (GMP) audit of the Company's facility in Yavne, Israel by the Israeli Ministry of Health (IMOH) granting a compliance certificate for additional three years.

Management Commentary

“We continued to make progress with our commercial strategy to increase NexoBrid revenue in Europe and promote NexoBrid globally through distribution agreements while advancing our clinical programs for NexoBrid and EscharEx in the U.S.,” stated Gal Cohen, President and Chief Executive Officer of MediWound.  “We are pleased to report revenue growth that more than doubled compared with the 2016 first quarter and to have an independent cost analysis published that showed NexoBrid significantly reduces the average cost of treatment per patient by more than €5,000 compared with SOC.  These data, along with other independent cost effectiveness studies being conducted, strongly support our goal to turn NexoBrid into the new SOC in severe burn treatment.  Moreover, published data such as these highlight our value proposition and support our reimbursement efforts worldwide.