FORT WORTH, TX / ACCESSWIRE / November 1, 2018 / WNDM Medical Inc. (OTCQB: WNDM), today announces third quarter 2018 highlights.
Based in Fort Worth, Texas, WNDM Medical Inc. (WNDM) is a provider of surgical and chronic wound care products dedicated to improving patient outcomes.
Investment in Cellerate, LLC
As previously announced, effective August 28, 2018, WNDM consummated agreements with The Catalyst Group that continued operations to market WNDM's principal product, CellerateRX® Activated Collagen®, through a 50% ownership interest in a newly formed limited liability company, Cellerate, LLC. The original press release regarding this transaction is available on WNDM's website at http://wndm.com/content/news.
In accordance with Generally Accepted Accounting Principles, (GAAP), WNDM will report its investment in Cellerate, LLC using the equity method of accounting. As a result, WNDM's 50% share of Cellerate LLC's operations will be presented as a single line item on WNDM's Statement of Operations beginning September 1, 2018. Cellerate LLC's Statement of Operations will appear in a footnote to the Financial Statements of WNDM.
Third Quarter 2018 Sales Results
WNDM revenues for July and August 2018 totaled $1.5 million, a 53% increase over the same period in 2017. Cellerate, LLC's revenues in September 2018 totaled $673,000, a 32% increase over WNDM's September 2017 revenues.
Shawn M. Bowman Appointed Vice President and General Manager, Wound Care
WNDM Medical is proud to announce the appointment of Shawn M. Bowman as the Company's Vice President and General Manager, Wound Care. Shawn is a well-known executive in chronic wound care with over 20 years of experience in the medical device, biologics and pharmaceutical industries. He will lead dedicated sales efforts for Cellerate, LLC in the post-acute wound care market. Prior to joining WNDM, Shawn built two successful teams as Senior Vice President of Wellsense, and as a National Sales Director for Smith & Nephew's Advanced Wound Management division. "We believe Shawn's leadership and extensive industry experience will significantly expand the availability of our products to wound care patients", said Mike Carmena, CEO of WNDM and Cellerate, LLC.
About WNDM Medical Inc.
With its No. 1 goal of improving patient outcomes, WNDM Medical Inc. develops, markets and distributes biotechnology products to physicians, hospitals, and clinics. It has a strong history of developing long-term strategic partnerships with a focus on products that fuse nature and science with medicine. Its primary products are in the $11 billion U.S. consumable medical device market and the $1.5 billion biomaterials market. WNDM Medical sells and distributes CellerateRX®/CRXα® Surgical Activated Collagen® Adjuvant and HemaQuell® Resorbable Bone Hemostat. For more information, visit WNDM.com.
Information about Forward-Looking Statements
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.
SOURCE: WNDM Medical Inc.
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