Molecular Templates to Present at the Oppenheimer 28th Annual Healthcare Conference

AUSTIN, Texas, March 19, 2018 (GLOBE NEWSWIRE) — Molecular Templates, Inc., (Nasdaq:MTEM) a clinical stage biopharmaceutical company focused on the discovery and development of Engineered Toxin Bodies (ETBs), a new class of targeted biologic therapies that possess unique mechanisms of action in oncology, today announced that its management will provide a corporate overview at the Oppenheimer 28th Annual Healthcare Conference, taking place March 20-21 at the Westin New York Grand Central hotel in New York City.

Presentation Details    
Date:   Wednesday, March 21
Time:   10:20am Eastern Time
Location:   Track 3

About Molecular Templates  

Molecular Templates is focused on the discovery, development and commercialization of next-generation immunotoxins called Engineered Toxin Bodies (ETBs) for the treatment of cancers and other serious diseases.  For additional information, please visit Molecular Templates’ website at

Investor Contact:
Andrew McDonald, Ph.D.

Adam Cutler
Chief Financial Officer

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resTORbio Announces Formation of Clinical Advisory Board

Esteemed Experts Engaged as Company Advances Clinical Development Program

Phase 2b Data for Lead Program Expected in the Second Half of 2018

BOSTON, March 19, 2018 (GLOBE NEWSWIRE) — resTORbio, Inc. (NASDAQ:TORC) today announced the formation of a clinical advisory board (CAB) to support the continued development of the company’s novel therapeutics designed to treat aging-related organ dysfunction, including aging-related declines in immune, cardiac and neurologic function. The company’s lead product candidate, RTB101, is being developed alone or in combination with everolimus as an immunotherapy to decrease the incidence of respiratory tract infections in the elderly and is currently being evaluated in a Phase 2b clinical trial.

“Aging is one of the most significant risk factors for many chronic diseases. However, we believe the decline in organ function due to aging does not have to be inevitable. Through rigorous science, we can target the underlying pathways of aging to improve organ function and thereby help people live healthier longer,” said Joan Mannick, M.D., co-founder and chief medical officer of resTORbio. “Our lead RTB101 program selectively targets TORC1 – part of an evolutionarily conserved pathway that contributes to the decline in function of multiple organ systems during aging including the immune system. The expertise from the members of our CAB – leading experts in the fields of infectious diseases, pulmonology, immunology and gerontology – will be invaluable as we advance our lead program into late-stage clinical trials.”

The members of the company’s clinical advisory board include: Prof. Frederick G. Hayden, M.D.; Prof. Sebastian L. Johnston; Prof. Janet McElhaney, M.D., FRCPC, FACP; and Prof. Richard Whitley, M.D. As resTORbio expands into additional aging-related indications, such as heart failure and neurodegenerative diseases, additional members are expected to join the CAB.

  • Frederick G. Hayden, M.D., is Professor Emeritus of Medicine and Stuart S. Richardson Professor Emeritus of Clinical Virology at the University of Virginia School of Medicine. His principal research interests have been on the development and application of antiviral agents for influenza, rhinovirus, and other respiratory viral diseases. From 2006-2008 he was a medical officer in the Global Influenza Program at the World Health Organization (WHO) and continues to serve as a WHO consultant. During 2008-2012, Dr. Hayden was influenza research coordinator at the Wellcome Trust in London. More recently his work on therapeutics has broadened to other emerging viral infections, including MERS coronavirus and Ebola. He has published extensively and co-edits the textbook Clinical Virology, the fourth edition which was recently published by ASM Press.
  • Sebastian L. Johnston, Ph.D., is a professor of respiratory medicine and allergy at the National Heart and Lung Institute, Imperial College London. He is the clinical academic training lead for respiratory medicine at Imperial College and Imperial Healthcare NHS Trust. He is an NIHR Senior Investigator and is the only Adult Respiratory Researcher in Europe to hold a European Council Advanced Investigator Grant. He is a fellow of the Royal College of Physicians, the Royal Society of Biology, the Academy of Medical Sciences and the European Respiratory Society. He edited Thorax from 2002-2010 and serves as associate editor or on the editorial boards of several other respiratory and allergy journals. Prof. Johnston has published >400 scholarly manuscripts in peer-reviewed journals and holds 18 patents.
  • Janet McElhaney, M.D., is vice president of research and scientific director, Health Sciences North Research Institute and a professor of medicine at Northern Ontario School of Medicine. Prof. McElhaney’s research interests include the impact of immunosenescence on the immune responses to vaccination, immunologic biomarkers of protection mediated by vaccination, and how vaccination plays a role in preventing disability in older adults. She has over 25 years of experience in conducting clinical research studies and clinical trials, and participating in publication steering committees, data safety and monitoring boards, and research ethics boards for a variety of clinical trials. To date, she has published over 100 peer-reviewed papers, delivered over 200 invited presentations, two books and seven book chapters. Her research is supported by the Canadian Institutes for Health Research, the U.S. National Institutes of Health, The Northern Ontario Heritage Fund, and the Canadian Immunization Research Network.
  • Richard Whitley, M.D., is a distinguished professor of pediatrics, vice chairman of the department of pediatrics and co-division director of pediatric infectious disease at The University of Alabama at Birmingham School of Medicine (UAB). An expert on how antiviral therapies fight infections, Prof. Whitley’s research spans four decades, during which he has published more than 368 scholarly articles on infectious disease. In 2009, Prof. Whitley was appointed as one of 14 members of a panel advising President Barack Obama about the H1N1 virus. Along with his peers, Dr. Whitley wrote an 86-page report for President Obama on the country’s preparations for the pandemic flu. Dr. Whitley is a past president of the Infectious Diseases Society of America (IDSA) and also sits on the board of directors of Gilead Sciences.

About TORC1 and RTB101
resTORbio’s approach focuses on the mechanistic target of rapamycin (mTOR) pathway, an evolutionarily conserved pathway that regulates aging, and specifically on the selective inhibition of the target of rapamycin complex 1, or TORC1. TORC1 inhibition has been observed to prolong lifespan, enhance immune function, and delay or ameliorate multiple aging-related diseases, including heart failure and neurodegenerative diseases in animal studies.

RTB101 is an orally-administered small molecule that can be used alone or in combination with everolimus (an FDA-approved mTOR inhibitor) to selectively inhibit TORC1 without inhibiting TORC2. In the current Phase 2b clinical trial, RTB101 is being evaluated alone and in combination with everolimus (RAD001) as an immunotherapy to decrease respiratory tract infection rates in the elderly. Results from the ongoing Phase 2b trial are expected during the second half of 2018. The company expects to develop RTB101 for additional aging-related indications such as heart failure or neurodegenerative diseases. 

About resTORbio
resTORbio, Inc. is a clinical-stage biopharmaceutical company focused on helping people live healthier longer through the development and commercialization of novel therapeutics for the treatment of aging-related diseases. resTORbio’s lead program is targeting the selective inhibition of TORC1 –  an evolutionarily conserved pathway that contributes to the decline in function of multiple organ systems, including the immune, cardiac and neurologic systems.

Forward-Looking Statements
Various statements in this release concerning resTORbio’s future expectations, plans and prospects, including without limitation, statements regarding our plans to develop and commercialize RTB101 alone or in combination with everolimus, including the therapeutic potential and clinical benefits thereof, our ongoing and future clinical trials for RTB101 alone or in combination with everolimus, including the timing of initiation of these trials and of the anticipated results, the composition and expansion of resTORbio’s clinical advisory board and benefits thereof, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, the risk of delay of any planned clinical trials and/or development of resTORbio’s lead product candidate, RTB101, either alone or in combination with everolimus, resTORbio’s ability to successfully demonstrate the efficacy and safety of its lead product candidate, the clinical results for its lead product candidate which may not support further development of additional indications, actions of regulatory agencies, which may affect the initiation, timing and progress of pre-clinical and clinical trials, obtaining, maintaining and protecting intellectual property, resTORbio’s ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties, competition from others developing products for similar uses, resTORbio’s ability to manage operating expenses, resTORbio’s ability to obtain additional funding to support its business activities,  and unexpected expenditures, as well as those risks more fully discussed in the section entitled “Risk Factors” in  the final prospectus related to resTORbio’s initial public offering filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act, as well as discussions of potential risks, uncertainties, and other important factors in resTORbio’s subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent resTORbio’s views only as of today and should not be relied upon as representing its views as of any subsequent date. resTORbio explicitly disclaims any obligation to update any forward-looking statements.

Investors Contact:
Beth DelGiacco
Stern Investor Relations, Inc.

Media Contact:
Michael Lampe
Scient PR

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MediWound Reports Fourth Quarter and Fiscal Year 2017 Financial Results

NexoBrid® sales grow 60% in 2017 vs. 2016

Raised gross proceeds of $25.2 million through an equity offering
to fund EscharEx® clinical plan

Awarded additional $32 million from BARDA
bringing NexoBrid® to be self-funded program

Announces discussions regarding potential strategic transaction

Conference call begins today at 8:30 a.m. Eastern Time

YAVNE, Israel, March 19, 2018 (GLOBE NEWSWIRE) — MediWound Ltd. (Nasdaq:MDWD), a fully-integrated biopharmaceutical company bringing innovative therapies to address unmet needs in severe burn and wound management, today announced financial results for the quarter and year ended December 31, 2017.

Fourth Quarter and Full-Year 2017 Financial Highlights

  • Total revenues for 2017 were $2.5 million, a 60% increase from 2016. Revenues for the fourth quarter of 2017 were $0.5 million, a 23% increase compared to the fourth quarter of 2016.
  • BARDA upsized their contract with MediWound, committing an additional $32 million to support R&D activities, bringing total non-dilutive funding to up to $132 million.
  • Raised total gross proceeds of $25.2 million through an equity offering to fund EscharEx® clinical and development plan.

Fourth Quarter and Full-Year 2017 Business Highlights

  • EscharEx® met its Phase 2 statistically-powered primary endpoint of complete debridement, which thereafter, was agreed to by FDA to be the primary endpoint of EscharEx® clinical program.
  • EscharEx® demonstrated safety over extended periods of application during the second cohort of the Phase 2 trial.
  • Dozens of presentations, award-winning posters at leading conferences such as EBA and ABA, and independent peer reviewed publications highlighting the positive clinical benefits and cost savings of NexoBrid® for enzymatic debridement for severe burns.
  • Positive decision by European Commission on a five-year renewal of NexoBrid’s® Marketing Authorization.
  • Successful completion of a Good Manufacturing Practice (GMP) audit of the Company’s facility in Yavne, Israel by the Israeli Ministry of Health (IMOH) granting a compliance certificate for additional three years.

“We made significant progress and achieved important milestones during 2017, setting the stage for further advancements in 2018.  The expansion of the BARDA contract is especially important, as it provides up to $132 million in non-dilutive financing. BARDA is funding NexoBrid® development up to BLA approval, including our ongoing U.S. Phase 3 DETECT study in adults, and our pediatric Phase 3 CIDS study. The BARDA agreement effectively establishes NexoBrid as a self-funded program. NexoBrid’s® sales and use in Europe continue to grow as being highlighted by dozens of abstracts and papers attesting to its clinical benefit and cost savings, all contributing to the integration of NexoBrid as the standard of care for eschar removal of severe burns,” said Gal Cohen, MediWound’s President and Chief Executive Officer.

At the current recruitment rate, we plan to complete the recruitment of 175 patients to our ongoing NexoBrid® U.S. Phase 3 DETECT study around mid-2018 and report the primary, secondary and safety acute topline data around year-end, following a 3-month follow-up. MediWound is also expanding the pediatric Phase 3 CIDS study into the U.S. We have submitted the protocol to the IRBs and expect to open the sites in the first half of 2018,” noted Mr. Cohen.

“Our enthusiasm for EscharEx®, our topical biologic for the debridement of dead or damaged tissue in chronic and other hard-to-heal wounds, remains very high.  We agreed with the FDA that incidence of complete debridement would be the primary endpoint of the EscharEx® clinical program after demonstrating this outcome in our Phase 2 study. With the completion of our recent equity offering, we have sufficient resources to fund the EscharEx’s® clinical and development program,” added Mr. Cohen.  “We have invested substantial efforts in the last few quarters working with U.S. experts to optimize the EscharEx® clinical development program and plan to finalize the preparations and submit a protocol to the FDA in the second half of 2018.”   

Fourth Quarter Financial Results
Revenues for the fourth quarter of 2017 were $0.53 million, up 23% from the $0.43 million in revenues for the fourth quarter of 2016.

Gross profit for the fourth quarter of 2017 was $0.11 million, compared to a gross loss of $0.43 million in the prior year period. 

Research and development expenses for the fourth quarter of 2017, net of participations, were $1.2 million, up 51% compared with $0.8 million for the fourth quarter of 2016.

Selling, and general and administrative expenses were $2.5 million for the fourth quarter of 2017, down 25% as compared to $3.3 million for the fourth quarter of 2016.

Operating loss for the fourth quarter of 2017 was $3.5 million, an improvement of 22% from $4.5 million in the fourth quarter of 2016, primarily as a result of the improvement in gross profit and the decrease in selling and marketing expenses.

The Company posted a net loss of $2.4 million, or $0.09 per share, for the fourth quarter of 2017 compared with a net loss of $1.9 million, or $0.09 per share, for the fourth quarter of 2016. The increase in net loss was primarily as a result of non-cash financial income from revaluation of contingent liabilities recorded in 2016.

Adjusted EBITDA, as defined below, for the fourth quarter of 2017 was a loss of $3.0 million, compared with a loss of $3.5 million for the fourth quarter of 2016.

Year Ended December 31, 2017 Financial Results
Total revenue for the year ended December 31, 2017 was $2.5 million, up 60% from the $1.6 million recorded in the year ended December 31, 2016.

Gross profit for the year ended December 31, 2017 was $0.9 million, compared with a gross loss of $0.6 million in the prior year period, an improvement of approximately $1.5 million resulting from a combination of increased sales and improved efficiencies.

Research and development expenses for the year ended December 31, 2017, net of participations, were $5.5 million, down 23% compared to the $7.1 million recorded in the year ended December 31, 2016. The decrease was primarily due to an increase of $1.5 million in participation by BARDA and the Israeli Innovation Authority in the Company’s R&D expenses.

Selling, general and administrative expenses for the year ended December 31, 2017 were $9.1 million, down 27% compared to the $12.5 million recorded in the same period in 2016, primarily due to a reduction of $2.2 million related to marketing expenses associated with launch activities and a $1.2 decrease in non-cash share based compensation.

Operating loss for the year ended December 31, 2017 was $13.7 million, an improvement of 32% versus an operating loss of $20.2 million recorded in the year ended December 31, 2016. The decrease was primarily due to the positive change in gross profit in 2017 and the decrease of approximately $5 million in operating expenses compared to the prior year period.

For the year ended December 31, 2017, the Company posted a net loss of $22.1 million, or $0.95 per share, compared with a net loss of $18.9 million, or $0.86 per share, for year ended December 31, 2016. The change in net loss is comprised of: (i) a decrease of $4.4 million in net loss from continuing operations, primarily due to a $6.5 million decrease in operating loss which was offset by an increase of $2.1 million net financial expenses, largely comprised of non-cash revaluation of contingent liabilities; and (ii) a one-time loss from discontinued operation of $7.6 million for 2017, following a full provision for the share purchase price plus the accrued interest, that was recorded as a result of the district court ruling.

Adjusted EBITDA, as defined below, for the year ended December 31, 2017 was a loss of $11.8 million, compared with a loss of $16.4 million for the year ended December 31, 2016.

Balance Sheet Highlights
As of December 31, 2017, the Company had cash and cash equivalents of $36.1 million, compared with $30.0 million at December 31, 2016.  This increase in cash and cash equivalents includes $22.7 million of net proceeds generated from a public offering of the Company’s common stock in September 2017. The Company remained on budget and utilized $15.0 million in cash to fund its operating activities during 2017, which was at the lower end of the Company’s 2017 cash use guidance of $15.0 to $17.0 million. In addition, the Company used $1.6 million for the purchase of PolyHeal’s shares pursuant to the District Court ruling in the fourth quarter of 2017, for which an appeal was recently submitted by the Company to the Supreme Court.

Throughout 2018, the Company will continue to invest primarily in research and development efforts for EscharEx®, while NexoBrid® research and development programs will be funded by BARDA. As a result, we expect cash use for operating activities in 2018 to be in the range of $14.0 million to $16.0 million.

Discussions regarding a Potential Strategic Transaction
Stephen T. Wills, MediWound’s Chairman, stated, “Given certain disclosure considerations, today we announce that we have been approached by another company to consider a strategic transaction and we are engaged, in that respect, in discussions. The Board of Directors has retained Moelis & Company LLC, a global investment bank specializing in M&A advisory services, to assist us in our evaluation of this potential opportunity. There can be no assurances that a definitive agreement between the parties or any other agreement will be reached.” 

Conference Call
MediWound management will host a conference call for investors today, Monday, March 19, 2018 beginning at 8:30 a.m. Eastern Time to discuss these results and answer questions.  Shareholders and other interested parties may participate in the conference call by dialing 800-289-0438 (in the U.S.)  1-80-921-2883 (Israel), or 323-794-2423 (outside the U.S. & Israel) and entering passcode 5767650. The call also will be broadcast live on the Internet on the Company’s website at

A replay of the call will be accessible two hours after its completion through March 22, 2018 by dialing 844-512-2921 (in the U.S.) or 412-317-6671 (outside the U.S.) and entering passcode 5767650. The call will also be archived on the Company website for 90 days at

Non-IFRS Financial Measures
To supplement consolidated financial statements prepared and presented in accordance with IFRS, the Company has provided a supplementary non-IFRS measure to consider in evaluating the Company’s performance. Management uses Adjusted EBITDA, which it defines as earnings before interest, taxes, depreciation and amortization, impairment, one-time expenses, restructuring and share-based compensation expenses.

Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with IFRS, we believe the non-IFRS financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting and determining compensation, and when assessing the performance of our business with our senior management.

However, investors should not consider these measures in isolation or as substitutes for operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with IFRS. In addition, because Adjusted EBITDA is not calculated in accordance with IFRS, it may not necessarily be comparable to similarly titled measures employed by other companies. The non-IFRS measures included in this press release have been reconciled to the IFRS results in the tables below.

About MediWound Ltd.
MediWound is a fully-integrated biopharmaceutical company focused on developing, manufacturing and commercializing novel therapeutics based on its patented proteolytic enzyme technology to address unmet needs in the fields of severe burns, chronic and other hard-to-heal wounds. MediWound’s first innovative biopharmaceutical product, NexoBrid®, received marketing authorization from the European Medicines Agency as well as the Israeli and Argentinian Ministries of Health, for removal of dead or damaged tissue, known as eschar, in adults with deep partial and full-thickness thermal burns and was launched in Europe and Israel and Argentina. NexoBrid® represents a new paradigm in burn care management, and clinical trials have demonstrated, with statistical significance, its ability to non-surgically and rapidly remove the eschar earlier and without harming viable tissues.

MediWound’s second innovative product, EscharEx® is a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds and is complementary to the large number of existing wound healing products, which require a clean wound bed in order to heal the wound. EscharEx® contains the same proteolytic enzyme technology as NexoBrid®, and benefits from the wealth of existing development data on NexoBrid®.  In two Phase 2 studies, EscharEx® has demonstrated safety and efficacy in the debridement of chronic and other hard-to-heal wounds, within a few daily applications.   For more information, please visit  

Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, such as statements regarding assumptions and results related to the regulatory authorizations and launch dates. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on MediWound’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. In particular, you should consider the risks discussed under the heading “Risk Factors” in our annual report on Form 20-F for the year ended December 31, 2017 and information contained in other documents filed with or furnished to the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. The forward-looking statements made herein speak only as of the date of this announcement and MediWound undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Sharon Malka
Chief Financial and Operations Officer
MediWound Ltd.

Bob Yedid
Managing Director
LifeSci Advisors

MediWound Ltd.
U.S. dollars in thousands

    December 31,
    2017   2016
Cash, cash equivalents and short term deposits   36,069   30,029
Accounts and other receivable   3,565   2,739
Inventories   1,886   844
Total current assets   41,520   33,612
Long term deposits   56   103
Property, plant and equipment, net   1,924   1,276
Intangible assets, net   635   773
Total long term assets   2,615   2,152
Total assets   44,135   35,764
Trade payables and accrued expenses   3,251   3,320
Other payables   2,182   2,060
Total current liabilities   5,433   5,380
Deferred revenues   988   1,023
Liabilities in respect of Israeli Innovation Authority grants net of current maturities   7,380   6,839
Contingent consideration for the purchase of shares net of current maturities   14,381   14,533
Liability in respect of discontinued operation   6,003  
Severance pay liability, net   330   219
Total long term liabilities   29,082   22,614
Shareholders’ equity    9,620   7,770
Total liabilities & shareholder equity   44,135   35,764


MediWound Ltd.
U.S. dollars in thousands

  Year ended   Three months ended
December 31,   December 31,
  2017   2016   2017   2016
Revenues 2,496     1,558     530     430  
Cost of revenues 1,578     2,158     416     855  
Gross profit (loss) 918     (600 )   114     (425 )
Operating expenses:              
Research and development, gross  14,625     14,779     4,557     3,359  
Participation by BARDA & IIA  (9,163 )   (7,711 )   (3,374 )   (2,576 )
Research and development, net  5,462     7,068     1,183     783  
Selling, general & administrative  9,143     12,487     2,455     3,299  
Operating loss (13,687 )   (20,155 )   (3,524 )   (4,507 )
Financial income (expenses), net (846 )   1,270     1,271     2,618  
Loss from continuing operations (14,533 )   (18,885 )   (2,253 )   (1,889 )
Loss from discontinued operation (7,616 )       (116 )    
Loss for the period (22,149 )   (18,885 )   (2,369 )   (1,889 )
Foreign currency translation adjustments (29 )   7     (10 )   11  
Total comprehensive loss (22,178 )   (18,878 )   (2,379 )   (1,878 )
Basic and diluted loss per share:              
Loss from continuing operations (0.62 )   (0.86 )   (0.08 )   (0.09 )
Loss from discontinued operation (0.33 )       (0.01 )    
Net loss per share (0.95 )   (0.86 )   (0.09 )   (0.09 )
Weighted average number of ordinary shares used in the computation of basic and diluted loss per share: 23,341     21,862     27,048     21,857  


U.S. dollars in thousands

  Year ended   Three months ended
  December 31,   December 31,
  2017   2016   2017   2016
Loss for the period (22,149 )   (18,885 )   (2,369 )   (1,889 )
Financial (expenses) income, net (846 )   1,270     1,271     2,618  
Loss from discontinued operation  (7,616 )       (116 )    
Depreciation and amortization  (567 )   (589 )   (137 )   (203 )
Share-based compensation expenses (1,363 )   (3,171 )   (351 )   (770 )
Total adjustments  (10,392 )   (2,490 )   667     1,645  
Adjusted EBITDA  (11,757 )   (16,395 )   (3,036 )   (3,534 )

MediWound, Ltd.
U.S. dollars in thousands

    Year ended   Three months ended
    December 31,   December 31,
  2017   2016   2017   2016
  Unaudited   Unaudited
Cash Flows from Operating Activities:              
Net loss (22,149)   (18,885)   (2,369)   (1,889)
Adjustments to reconcile net loss to net cash used in continuing operating activities:                            
Adjustments to profit and loss items:              
Loss from discontinued operation 7,616     116  
Depreciation and amortization 567   589   137   203
Share-based compensation 1,363   3,171   350   771
Revaluation of liabilities in respect of IIA grants 229   (1,298)   (122)   (1,108)
Revaluation of contingent consideration for the purchase of shares 351   (1,621)   (1,321)   (2,801)
Increase in severance liability, net 111   125   88   125
Financing income (349)   (414)   (106)   (99)
Unrealized foreign currency (gain) loss (185)   (94)   (109)   (42)
  9,703   458   (967)   (2,951)
Changes in asset and liability items:              
Decrease (increase) in trade receivables 28   (107)   253   138
Decrease (increase) in inventories (1,042)   873   (249)   231
Decrease (increase) in other receivables (1,227)   33   321   (392)
Increase (decrease) in trade payables & accrued expenses (135)   2,195   (89)   818
Increase (decrease) in other payables & deferred revenues (70)   (1,012)   258   (185)
  (2,446)   1,982   494   610
Net cash used in continuing operating activities (14,892)   (16,445)   (2,842)   (4,230)
Net cash used in discontinued operating activities (1,563)     (1,563)  
Net cash used in  operating activities (16,445)   (16,445)   (4,405)   (4,230)
Cash Flows from Investment Activities:              
Purchase of property and equipment (1,045)   (671)   (181)   (29)
Purchase of intangible assets (30)   (30)   (30)   (30)
Interest received 349   407   297   362
Proceeds from (investment in) short term bank deposits, net of investments 1,163   2,110   15,000   27,349
Net cash provided by investing activities 437   1,816   15,086   27,652
Cash Flows from Financing Activities:              
Proceeds from exercise of options 7   7     7
Proceeds from issuance of shares and warrants, net 22,658     (136)   (2)
Proceeds from IIA grants, net of repayments 330   900   2   242
Net cash provided by (used in) financing activities 22,995   907   (134)   247
Exchange rate differences on cash and cash equivalent balances 226   86   120   15
Increase (decrease) in cash and cash equivalents from continuing activities 8,766   (13,636)   12,230   23,684
Decrease in cash and cash equivalents from discontinued activities (1,563)     (1,563)  
Balance of cash and cash equivalents at the beginning of the period 28,866   42,502   25,402   5,182
Balance of cash and cash equivalents at the end of the period 36,069   28,866   36,069   28,866

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