Wound Solutions Closes £2m First Tranche of Series A Investment
LONDON, UK (2nd February 2009), - - Wound Solutions, a privately owned medical device company developing novel technologies for the treatment of chronic wounds, today announced that it had reached a first closing of £2 million of its current £8 million Series A funding round.
The first tranche of investment enables the company to reach a planned interim review of its current clinical study. Further funding will be required to complete this clinical study and complete current registration and regulatory approval. Wound Solutions is continuing in discussions with a number of Institutional Investors regarding the further funding of the programme.
Wound Solutions is developing electrotherapy devices for the treatment of chronic wounds with its first product the VS01 focused on venous leg ulcers, the most prevalent form of chronic wound in the Western World. The easy to use VS01 device has been designed to make the established benefits of electrotherapy in wound management available to patients in an ambulatory form. The device is complementary to the existing standard of care, and requires minimal changes to current practice to use. In addition, the device has a number of compliance-enhancing features which further broaden the commercial and clinical appeal of the product.
Commenting on the financing, Richard Nagle, CEO of Wound Solutions said: ”We are delighted that Wound Solutions continues to attract substantial support from its key stakeholders and this latest investment enables us to get on with the business of completing the critical phase of the clinical study.”
Commenting on the transaction, Anthony Martin, Chairman of Wound Solutions said: ”Richard and his team have done an exceptional job securing financing for completion of the first phase of the pivotal clinical study in today’s extremely difficult environment. I remain confident that Wound Solutions will be well positioned to bring important medical therapies to the market in near‐future.”
Wound Solutions is being advised by Elixir Securities, a corporate finance boutique specializing in private life science companies.
CONTACT:
Steve Cox (+ 44 (0) 20 7194 7733
About Wound Solutions
Wound Solutions is developing the VS01 series of electrotherapy wound
healing devices for the chronic treatment of venous stasis ulcers. These
are amongst the most prevalent form of chronic leg wounds, which because
of their recalcitrant nature and labour intensive management are a major
component of the multi‐billion dollar wound healing market. The VS01 device
is an advanced wound care product that has been designed as an adjunct
to standard treatment of venous ulcers, adding just 5 minutes of nursing
time to ubiquitous compression therapy.
The need for VS01 appears great, as in as many of 50% of current cases, existing therapy is largely inadequate and both private and public payors have historically paid significant sums for marginal increases in efficacy over the current standard of care. In addition to the difficult nature of the problem, patient compliance and ambulation are significant confounding factors in the treatment of venous stasis ulcers.
The Wound Solutions team has specifically designed in-built monitoring features promote beneficial patient behavior and provide physicians with important data which enhance compliance. Electrotherapy has demonstrable clinical benefit in the healing of venous stasis ulcers and is reimbursed in the US; however administration of electrotherapy has hereto been limited to the clinic based devices, with all of the associated commercial drawbacks. The VS01 device will deliver electrotherapy in a lightweight, low foot print ambulatory form to out‐patients and clinic based patients.
The company has conducted several pilot clinical studies and following dialogue with the FDA, it is now a substantial way through its registration quality multi‐national clinical study; a first for a wound healing electrical stimulation device. Wound Solutions is a privately held, development stage healthcare company run by a group of highly experienced executives with a strong track record of value creation in the life science industry.
The VS01 platform of products are just one of many potential areas in which Wound Solutions plans to develop innovative advances that empower patients to improve their health status. It is advised by prominent physician experts and wound care industry professionals.
About Elixir
Elixir Securities ("Elixir") is a London-based corporate finance
business specializing in the global med-tech, healthcare, biotech and
biofuels sectors. Elixir's capabilities are aligned with the sector-specific
financial challenges which these companies face and include: Public and
Private Placements, PIPEs, Secondary Offerings, Pre-IPO Financing, Management
Buyouts/ins, Corporate Turnarounds and "Buy-and-Build" Acquisition
Strategies.