Addison-based Wound Management Technologies, Inc. recently announced it secured financing to focus on company growth, thanks to its shareholders.
The “emerging commercial stage company,” which specializes in advanced wound care products, received support from existing shareholders to convert more than $1.5 million of existing debt and invest an additional $2.4 million in Series C preferred shares.
“We are grateful for the support of our shareholders and excited about the opportunity to pursue our three-year plan with funding in place,” says Robert Lutz Jr., chairman and CEO, in a written statement. “The past year and a half has been focused on revitalizing the company and retiring difficult debt. I am happy to announce that with this funding we have retired that debt and our team is now focused on fulfilling a very exciting strategic growth plan that will benefit our shareholders, customers and employees.”
The company initiated its growth plan last year when it partnered up with WellDyne for marketing and fulfillment services and the Academy Medical for VA and Department of Defense sales. Now that the business has proper funding, it will focus on the distribution of its patented collagen product—CellerateRX®—in both surgery and wound care markets.
According to the company, CellerateRX® is a safe, non-toxic product that is cleared by the FDA and eligible for reimbursement by Medicare Part B.
“CellerateRX®’s activated collagen delivers the essential benefits of collagen to a wound immediately where other forms of native, intact collagen in commercially-available products require time for the body to prepare the collagen for use in the wound healing process,” the company’s website states. “In people with compromised health or circulation, the difference in wound healing can be significant.”
This approved funding has also allowed Wound Management Technologies the opportunity to expand its executive team.
The company hired former Pfizer district manager Ken Snider as EVP of sales; former WellDyne Health national sales director Jennifer Taylor as director of marketing and business development; and 30-plus year professional Debbie Hutchinson as Wound Management president.
With shareholder backing, a growth plan in effect and a growing executive team, 2014 looks like it will be a strong year for another Corridor-based company.
For more information on Wound Management Technologies, visit the company online.