RedDress Raises $26 Million to Give Patients the Power to Heal Chronic Wounds Using Their Own Blood
24 May 2023
Drug Approval
The leading company with a whole-blood approach for chronic wound treatment, RedDress delivers a 72% wound closure rate in just 12 weeks for diabetic patients suffering from lower extremity wounds
TEL AVIV, Israel and JACKSONVILLE, Fla., May 24, 2023 /PRNewswire/ -- RedDress, a personalized and autologous wound management solution created from patients own blood, today announced that it has raised a $26 million Series D round with participation from ATHOS Biopharma GmbH, and other life science investors including Investors Group of HCS Capital and the Ragnar Crossover Fund. The new proceeds will support increased adoption of its product suite, establishment of global partnerships, and the expansion of RedDress' proprietary blood-based technology to treat more conditions. The latest investment round brings total funding for RedDress to $43M.
Blood clots are the body's natural way of healing, yet when it comes to chronic wounds from diabetes and other conditions, blood is unable to reach these areas to begin the coagulation and healing process. The first line of defense in treating chronic wounds has always been bandages, negative pressure and specialized dressings. Skin substitutes, a heavily overcrowded market, is another approach, but are very costly and are non-autologous. Between fifteen to twenty-five percent (15-25%) of the US diabetic population gets diabetic ulcers annually, which translates to 1.5 million diabetic wounds per year. The average wound costs the government $12-$15k per wound to treat and if amputation is required, there is an 85% mortality rate after the procedure. The costs to government-run medical programs and to patients themselves is unsustainable.
RedDress has pioneered a proprietary blood-based technology to treat chronic wounds that has almost zero risk of rejection and is far more cost effective. Its ActiGraft product family is an autologous, point-of-care wound management solution that creates - in real-time - an in-vitro blood clot from patients' own whole blood. Once applied to the wound, the blood clot jump-starts the wound healing process, serves as a protective covering, and optimizes the body's own healing potential. The ActiGraft product family can be used for a wide variety of chronic wounds including diabetic and neuropathic ulcers, venous ulcers, pressure injuries, traumatic wounds, post-surgical wounds, skin tears, surgical wounds and more.
"Healing is in our blood, and we are grateful for the continued support from our investors as we advance our mission of supplying healthcare providers with an effective solution to treat chronic and complex wounds through an innovative system that harnesses the power of patient's own blood," said Alon Kushnir, CEO and co-founder at RedDress. "This latest funding round further validates the efficacy and strong market performance of the ActiGraft system and provides us with critical resources to expand our autologous, blood-based wound care solutions so we can continue to develop new innovations in other healthcare fields."
Since RedDress received FDA clearance and a CE Mark in 2020, ActiGraft has helped over 6,000 patients across the spectrum of healthcare facilities in the United States and 30 other countries.
About the Suite of ActiGraft Products
ActiGraft and ActiGraft+, based on RedDress' proprietary patented technology, are FDA-cleared wound care solutions that enable health care providers to produce – in real-time – an in-vitro blood clot from a patient's whole blood. Once applied, the blood clot serves as a protective covering and supports wound healing processes which naturally occur in the patient's body. For full prescribing information, visit www.reddressmedical.com/safety-info.
About RedDress
RedDress is the leading provider of personalized and autologous wound management solutions created from patients' own blood. The company's suite of ActiGraft products are revolutionizing wound care, treating a wide variety of chronic wounds including diabetic and neuropathic ulcers, venous ulcers, pressure injuries, traumatic wounds, post-surgical wounds, skin tears, surgical wounds and more. ActiGraft wound care systems are available in 40 countries across five continents including Brazil, Canada, Hong Kong, India, Mexico, Turkey, United Arab Emirates, South Africa, Ireland, Italy, and more. RedDress is a privately held, Israel-based company with a U.S. subsidiary, RedDress Inc., located in Jacksonville, Florida. Founded in 2009 with the goal of developing more effective, natural, and economically viable treatments for chronic wounds, RedDress is dedicated to using its whole-blood technology to find solutions to other human ailments. For more information, please visit www.reddressmedical.com.
SOURCE RedDress
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