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Muj MediWound MediWound Reports First Quarter 2021 Financial Results May 5 , 2021 First Quarter Revenues of $ 5.8 Million , an Increase of 32 % Year - over - year Conference call begins today at 8:30 am ET YAVNE , Israel , May 05 , 2021 ( GLOBE NEWSWIRE ) -- MediWound Ltd. ( Nasdaq : MDWD ) , a fully - integrated biopharmaceutical company focused on next - generation bio - therapeutics solutions for tissue repair and regeneration , today announced financial results for the first quarter ended March 31 , 2021 . First Quarter and recent weeks Financial and Business Highlights : • Total revenues for the first quarter of 2021 were $ 5.8 million , an increase of 32 % compared with the first quarter of 2020 , primarily driven by the procurement of NexoBridⓇ by the Biomedical Advanced Research and Development Authority ( BARDA ) • Cash and short - term investments of $ 17.9 million as of March 31 , 2021 , compared with $ 21.6 million as of December 31 , 2020 • Hosted an Analyst Day on March 30 highlighting EscharExⓇ as an enzymatic debridement agent for chronic wounds featuring presentations by key opinion leaders . • Enrolled the first patient in phase 2 pharmacology study of EscharEx , with data expected in the second half of 2021 • Submitted a protocol to the U.S. Food and Drug Administration ( FDA ) for a phase I / II clinical study of MWPC005 for the treatment of basal cell carcinoma ; study initiation is planned for the second quarter of 2021 • Received marketing approval for NexoBrid in Chile and the Republic of China ( Taiwan ) and continue global expansion strategy with new distribution agreements in Europe and Asia " This quarter was one of continued progress across the board , highlighted by the continued revenue growth and NexoBrid global expansion , the enrollment of the first patient in our phase 2 pharmacology study of EscharEx , and the initiation of a new clinical program in non - melanoma skin cancer , " said Sharon Malka , Chief Executive Officer of MediWound . " We were proud to host an analyst day webinar in March on EscharEx , featuring four prominent key opinion leaders who discussed the current U.S. wound debridement practices and how EscharEx , upon approval , has the potential to change current standard of practice and care of chronic wounds . We continue to advance our U.S. phase 2 adaptive design study of EscharEx for the treatment of venous leg ulcers and look forward to an interim assessment later this year . Finally , we remain focused on continuing to drive revenue growth and further strengthen our company . " First Quarter Financial Results Revenues for the first quarter of 2021 were $ 5.8 million , compared with $ 4.4 million for the first quarter of 2020 , an increase of 32 % . Revenues from products and licenses in the first quarter of 2021 were $ 2.9 million , an increase of 300 % compared to the first quarter of 2020 , primarily driven by the procurement of NexoBrid by BARDA for emergency response preparedness and sales increase outside the U.S. Gross profit for the first quarter of 2021 was $ 2.4 million , or 41 % of net revenues , compared to a gross profit of $ 1.2 million , or 28 % of net revenues for the first quarter of 2020 . Research and development expenses for the first quarter of 2021 , were $ 2.2 million , compared with $ 1.7 million for the first quarter of 2020. The increase was a result of EscharEx clinical development program . Selling , general and administrative expenses for the first quarter of 2021 were $ 2.1 million , compared with $ 1.7 million in the first quarter of 2020 as a result of directors and officer's insurance cost increase . As a percentage of revenues , selling , general and administrative expenses for the first quarter decreased from 39 % in the first quarter of 2020 to 36 % for the first quarter of 2021 . Operating loss for the first quarter of 2021 was $ 1.9 million , reflecting a 13 % decrease in operating loss compared to the $ 2.2 million in the first quarter of 2020 . The Company posted a net loss of $ 2.9 million , or $ 0.10 per share , for the first quarter of 2021 compared with a net loss of $ 2.5 million , or $ 0.09 per share , for the first quarter of 2020 . Adjusted EBITDA , as defined below , for the first quarter of 2021 was a loss of $ 1.3 million , compared with a loss of $ 1.8 million for the first quarter of 2020 , reflecting a decrease in adjusted EBIDTA loss of 28 % . Balance Sheet Highlights