08:29 AM EDT, 07/16/2024 (MT Newswires) -- MediWound ( MDWD ) said Tuesday it will receive around 16.3 million euros ($17.7 million) in blended financing from the European Innovation Council's accelerator program.

The funds will be utilized to continue the company's EscharEx development program for patients with diabetic foot ulcers, MediWound ( MDWD ) added.

The package also includes a 2.5 million euros grant and an investment, with terms to be finalized between the EIC and MediWound ( MDWD ), the company said.

MediWound ( MDWD ) shares were 1.3% higher in premarket trading.

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