MediWound (MDWD) CEO Gal Cohen has decided to step down; Sharon Malka to be appointed CEO

March 12, 2019 7:03 AM EDT

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MediWound Ltd. (Nasdaq: MDWD), a fully-integrated biopharmaceutical company bringing innovative therapies to address unmet needs in severe burn and wound management, today announced that Chief Executive Officer, Gal Cohen, has decided to step down after serving as the Company’s CEO for more than 12 years. Mr. Cohen will end his term by the end of May 2019 and during this period, continue to support the Company’s transition and ongoing strategic process. Sharon Malka, the Company’s Chief Financial Officer and Chief Operations Officer, will be appointed CEO, and Stephen T. Wills, the Company’s Chairman of the Board of Directors, will serve as Active Chairman.

During his tenure, Mr. Cohen led MediWound in the development and certain marketing approvals of NexoBrid®, its innovative orphan drug for burn treatment. This includes the recently announced positive top-line results from its second pivotal Phase 3 study (DETECT), paving the way for Biologics License Application (BLA) submission to U.S. Food and Drug Administration (FDA). Mr. Cohen also oversaw the development of a broader product pipeline with significant unmet medical need and market potential in the wound care field. Under his leadership, the Company raised over $250 million in equity offerings, strategic transactions, and U.S. government contracts, including the Company’s public listing on NASDAQ in 2014, and the Biomedical Advanced Research and Development Authority (BARDA) contracts to finance NexoBrid development and procurement of up to $175 million.

“I have decided to depart MediWound after 12 intensive and exciting years as CEO of an innovative biotech company that has developed, manufactured and launched a revolutionary drug for the treatment of burn patients, and I am honored to have had the privilege of leading such an effort,” said Mr. Cohen. “I was fortunate to manage outstanding, motivated individuals, who are committed to revolutionizing wound care. I step down from this role, truly satisfied, proud of having been a part of this Company. I wish Sharon, Steve and the entire team great success in the Company’s future endeavors,” concluded Mr. Cohen.

Sharon Malka, 46, will assume the role of CEO after serving as the Company’s Chief Financial & Operations Officer for the past 12 years. Prior to joining MediWound, Mr. Malka held various senior finance roles, including, as a co-founder and partner at Variance Economic Consulting, a full-service financial consulting firm, and as a senior manager at the Israeli member firm of PricewaterhouseCoopers (PwC). Mr. Malka is a Certified Public Accountant and holds a B.Sc. in Accounting and Business Administration from the Business Management College and an MBA from Bar-Ilan University.

“I am deeply honored to take the helm and lead our committed and experienced team, as we continue to advance our portfolio of unique products for the benefit of the patients and healthcare providers we serve, as well as to continue supporting the ongoing strategic process, and building shareholder value,” said Mr. Malka.

Mr. Stephen T. Wills, MediWound’s Chairman, will serve as Active Chairman of the Company and continue to lead the ongoing strategic process, which is in advanced stages. As the current Chief Financial Officer and Chief Operating Officer of Palatin Technologies, Inc., and as the former Executive Chairman and CEO of Derma Sciences, Mr. Wills has vast experience in leading strategic transactions and licensing agreements, including the acquisition of Derma Sciences, Inc. by Integra Life Sciences.

Mr. Wills stated, “Gal led MediWound to impressive achievements and placed the Company at the forefront of burn care worldwide. His leadership and contributions to the Company are worthy of great appreciation, and I thank him on behalf of the Company’s Board of Directors for more than a decade of uncompromising leadership, professionalism and dedication. I am very confident that Sharon’s outstanding skills and deep history with the Company will allow for a smooth transition to his new role as CEO. I look forward to working closely with Sharon as he leads MediWound’s talented team to continued growth and further success.”

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