Wound management company RedDress has raised $26m in a Series D financing round to continue developing its technology that harnesses human blood to jump-start the wound healing process. The round, which received participation from investors including ATHOS Biopharma GmbH, brings the company’s total funding to $43m.
RedDress’ technology, ActiGraft, can quickly create an in-vitro blood cot from patients’ own blood. According to the Tel Aviv, Israel-based company, the graft is more effective than other methods and has low rates of rejection. RedDress said the graft, which is FDA-cleared and CE marked for exuding cutaneous wounds, can be used for a range of wounds – ranging from diabetic ulcers to post-surgical wounds. In January 2023, the company revealed promising data showing the graft is a viable option for complex wounds.
ActiGraft is currently distributing in over 30 countries. Alon Kushnir, RedDress’ CEO, told Medical Device Network the network has donated 400 ActiGraft kits to Ukraine to aid wounded soldiers.
Wound treatment is a main area of spending within healthcare. According to the NHS, the UK health service spends $5.3bn annually on managing wounds and their associated comorbidities. There is already a wide-ranging market of wound management techniques such as oxygen therapy, skin substitutes, and traditional dressings dominate.
In 2022, the wound care management market was worth $29.7bn in 2022, and is expected to increase to nearly $38bn by 2030, according to GlobalData. Wound care assessment is also witnessing a technological boom, especially in burn management.
RedDress has further plans for its technology. The company is investigating growing tissue over exposed bone and, after a completed trial in Israel provided promising data, has ongoing clinical trials in the US for treating anal fistula in Crohn’s patients and inflammatory bowel disease patients.
“Additionally, we are also working on supporting nerve healing, creating nerve cells in-vivo wherever it is needed, and we will be publishing results from pre-clinical trials soon,” said Kushnir.
“Regenerative medicine is the future of the human healing process, and we are excited by what we are finding in our research and development.”