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.
Wound Management Technologies, Inc.
16633 Dallas Parkway, Suite 250
Addison, TX 75001
Phone: (972) 218-0935