MediWound Announces a 1-for-7 Reverse Share Split
YAVNE, Israel, Dec. 05, 2022 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq: MDWD) (“MediWound” or the “Company”), a fully integrated biopharmaceutical company focused on next-generation biotherapeutic solutions for tissue repair and regeneration, today announced that it intends to effect a 1-for-7 reverse share split of its ordinary shares. Subject to the Company’s satisfaction of Nasdaq Operations notice requirements, the scheduled effective date is December 20, 2022, with trading on a reverse split-adjusted basis to begin at market open on that day. Trading of the Company’s ordinary shares will continue on the Nasdaq Global Market under the symbol “MDWD,” but the shares will trade under the new CUSIP number, M68830112. In the event of a delay in the effective date, the Company will update the public via a subsequent press release.
The prospective implementation of the reverse share split follows upon the approval by the Company’s shareholders of such a split, in a range of between 1-for-5 and 1-for-10, subject to the discretion of the Company’s Board of Directors as to whether and when, and at what exact ratio, to implement it within 12 months of MediWound’s extraordinary general meeting of shareholders that took place on November 28, 2022. Following that approval, on December 5, 2022, MediWound’s Board of Directors approved the 1-for-7 ratio and the December 20, 2022 effective date for the reverse share split.
“We are effecting the reverse share split today as part of our strategic vision and long-term plan to increase shareholder value for MediWound. We believe a higher share price will help position MediWound more advantageously and attract new fundamental institutional investors, ahead of and post our numerous upcoming important milestones,” said Ofer Gonen, Chief Executive Officer of MediWound. “We have a promising future ahead of us, and this is just one of many steps we have taken to enhance shareholder value.”
Effective upon the reverse share split, every seven issued and outstanding MediWound ordinary shares will automatically be converted into one issued and outstanding MediWound ordinary share. No fractional shares will be issued as a result of the reverse share split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number of shares. The reverse share split affects all shareholders uniformly and will not alter any person’s percentage interest in the Company’s outstanding ordinary shares, except for negligible adjustments that may result from the treatment of fractional shares.
In connection with the reverse share split, the Company will revise its Amended and Restated Articles of Association to reduce the authorized number of its ordinary shares from 90,000,000 to 12,857,143, which reflects a reduction at the same 1-for-7 ratio as the reduction to the number of issued and outstanding ordinary shares. Concurrently, the par value of the Company’s ordinary shares will increase proportionately, from NIS 0.01 per share to NIS 0.07 per share, in order to maintain the same overall authorized share capital of the Company under its Amended and Restated Articles of Association.
EscharEx is our next-generation bioactive topical therapeutic under development for the debridement of chronic and hard to heal wounds. EscharEx is well-tolerated and has demonstrated safety and efficacy in the debridement of various chronic and other hard-to-heal wounds, within a few daily applications in several Phase 2 trials. MediWound initiated discussions with the FDA regarding the EscharEx pivotal Phase 3 study design.
MW005, our topical biological drug for the treatment of non-melanoma skin cancers, is a clinical-stage product candidate under development. The initial data from a Phase I/II study showed MW005 to be safe and well-tolerated, with a majority of the patients who completed the study with MW005 achieving complete histological clearance of their target lesions. The Company anticipates announcing the final data in the fourth quarter of calendar year 2022.
Committed to innovation, we are dedicated to improving standard of care and enhancing patient lives. For more information, please visit www.mediwound.com.
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