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Biopharmaceutical company MediWound Ltd (NASDAQ:MDWD) reported that the U.S. Department of Defense (DoD), through the Medical Technology Enterprise Consortium (MTEC), has awarded the company an additional $6.7 million in non-dilutive funding.
The fund is to develop NexoBrid as a non-surgical solution for field-care burn treatment for the U.S. Army.
The $14.4 million project budget is expected to boost the development and production of a new, temperature-stable formulation of NexoBrid.
"The additional funding will enhance our CMC activities, expedite preclinical development, and facilitate the establishment of a GMP compliant aseptic production line for the temperature-stable formulation of NexoBrid," said CEO Ofer Gonen.
Vericel Corporation (NASDAQ:VCEL) holds an exclusive license for the commercial and development rights to NexoBrid in North America, under an agreement with MediWound.
The MTEC Research Project Award was granted by the DoD's U.S. Army Medical Research and Development Command (USAMRDC) and funded by the Defense Health Agency through MTEC, a biomedical technology consortium.
Price Action: MDWD shares are trading higher by 2.02% at $10.41 on the last check Thursday.
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