MediWound Ltd. (MDWD) IPO Opens Sharply Higher

March 20, 2014 10:26 AM EDT
The IPO for MediWound Ltd. (NASDAQ: MDWD) opened for trading at $16 after pricing 5,000,000 ordinary shares at a price to the public of $14 per share, the low end of the expected $14-$16 range.

Credit Suisse Securities (USA) LLC, Jefferies LLC and BMO Capital Markets Corp. are acting as joint lead book-running managers for the offering. Oppenheimer & Co. is acting as co-manager.

MediWound has granted the underwriters a 30-day option to purchase up to 750,000 additional shares at the initial public offering price.

MediWound is a fully integrated biopharmaceutical company focused on developing, manufacturing and commercializing novel therapeutics based on its patented proteolytic enzyme technology to address unmet needs in the fields of severe burns, chronic and other hard-to-heal wounds. MediWound's first innovative biopharmaceutical product, NexoBrid, received marketing authorization from the European Medicines Agency for removal of dead or damaged tissue, known as eschar, in adults with deep partial and full-thickness thermal burns and was launched in Europe. NexoBrid represents a new paradigm in burn care management, and clinical trials have demonstrated, with statistical significance, its ability to non-surgically and rapidly remove the eschar earlier and, without harming viable tissues.

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