Wound Management Technologies Inc. Receives Financing from Key Shareholder Group; Turns Focus to Strategic Growth
December 18 2013 - 2:08AM
Access Wire
ADDISON, TX - (Accesswire - December 18, 2013) - Wound
Management Technologies, Inc., (OTCQB: WNDM) announced today that
it has received a financing commitment from existing shareholders
to invest an additional $2.4 million in Series C preferred shares
and to convert over $1.5 M of existing debt to the Series C
preferred shares. The financing subscription documents have been
received and the commitment will be fully funded by February 28,
2014. The Board of Directors unanimously supported this action and
authorized a $3 M extension to the Series C offering.
"We are grateful for the support of our shareholders and excited
about the opportunity to pursue our three year plan with funding in
place," commented Robert Lutz, Jr., Chairman and CEO. "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."
"In 2013 we laid a foundation for growth with the signing of key
agreements with WellDyne for Marketing and Fulfillment Services and
with Academy Medical for VA and Department of Defense sales. With
our funding in place, we will now focus on key CellerateRX sales
initiatives in both surgery and wound care settings. 2014 will also
be a key year for the Resorbable Orthopedic Products subsidiary as
we start to realize royalty revenues from our BioStructures License
signed in 2011. Additionally, we are entering our final phase of
animal testing for our resorbable bone wax product and are in
negotiations for both US and international distribution."
"Another enormous benefit of the recent investments is that they
allowed us to expand our executive team by adding three key
individuals. Ken Snider, our EVP of Sales, is a seasoned medical
device distributor owner and former Pfizer District Manager. He is
actively working with our distributors and potential distributors
to extend our sales reach across the US in both the surgical and
wound care settings. Jennifer Taylor, Director of Marketing and
Business Development, has already had a significant impact on
attracting new accounts and creating new marketing materials.
Debbie Hutchinson, Wound Management President, is working closely
with me to forecast and plan our new initiatives and to manage
strategic relationships."
About Wound Management
Wound Management Technologies, Inc., is an emerging commercial
stage company with its primary products in the $5B worldwide
advanced wound care market. Wound Management's primary focus is the
distribution of its unique, patented collagen product,
CellerateRX(R), which is FDA cleared and reimbursable under
Medicare Part B. Wound Management has other advanced biotech
products in development including a patented resorbable bone wax
line that is in the late stages of development. More information
can be found on the company's web sites: www.wmgtech.com and
www.celleraterx.com.
Safe Harbor Statement
The statements in the press release that relate to the company's
expectations with regard to the future impact on the company's
results from new products in development and any other statements
not constituting historical facts are "forward-looking statements,"
within the meaning of and subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. Since this
information may contain statements that involve risk and
uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results. This
document may contain forward-looking statements concerning the
Company's operations, current and future performance and financial
condition. These items involve risks, contingencies and
uncertainties such as product demand, market and customer
acceptance, the effect of economic conditions, competition,
pricing, the ability to consummate and integrate acquisitions, and
other risks, contingencies and uncertainties detailed in the
Company's SEC filings, which could cause the company's actual
operating results, performance or business plans or prospects to
differ materially from those expressed in, or implied by these
statements. The Company undertakes no obligation to revise any of
these statements to reflect the future circumstances or the
occurrence of unanticipated events.
Contact
Wound Management Technologies, Inc.
16633 Dallas Parkway, Suite 250
Addison, TX 75001
Phone: (972) 218-0935