Reapplix Completes $ 22.6 Million in Funding

Reapplix Wound Healing

writer icon Hanne Larsen     Reapplix   |   Startups     🕐 11. Aug. 2020

The Danish company, Reapplix has established that one of the keys to successful wound treatment lies in the body’s capacity to heal, and each patient is central to that process."Every wound is personal," the company states.

Founded in 2008, the Danish company has established itself in the market specialising in the biological treatment and management of diabetic foot ulcers. The patented 3C Patch® System is an innovative, evidence-based biological wound therapy made entirely from the patient’s own blood and nothing else.

In 2018 the revolutionising company won the 2018 EY Entrepreneur of the Year Award in the life science category.

Medicare Reimbursement
Reapplix has received Medicare reimbursement coding instructions from the Centers for Medicare and Medicaid Services (CMS) with a national average payment rate of USD 1,622.74.

The rate covers each patient visit to Hospital Outpatient Departments to receive 3C Patch® therapy for hard-to-heal diabetic foot ulcers.

The reimbursement coding instructions received from CMS were provided under the Coverage with Evidence Development (CED) framework. Access to the procedure is granted nationally via a CMS-approved claims-based program.

In parallel, CMS has re-opened its National Coverage Analysis (NCA) process for Autologous Blood-Derived Products for Chronic Non-Healing Wounds with a stated expected NCA completion date of January 2021. Reapplix expects that the CED framework arrangement will be replaced by a positive National Coverage Determination decision with a permanent future coding and reimbursement rate at the beginning of 2021.

Reapplix President, US, James G. Wetrich commented: “We are delighted that the Reapplix US team can offer our unique, autologous wound care technology with an appropriate reimbursement rate to allow health care professionals to help patients with diabetic foot ulcers who are still in need of novel therapies. Reapplix has invested in a substantial body of evidence supporting the use of 3C Patch®, including a Randomised Controlled Trial published in The Lancet, which led to the International Working Group on the Diabetic Foot (IWGDF) recommending the use of our technology.”

Closed a USD 22.6M Round
Meanwhile, Reapplix has successfully closed a USD 22.6M equity financing round, primarily to accelerate the US commercialisation of 3C Patch®.

The equity financing round was completed with new investors including North East Health Care, Lauxera Capital Partners, and MK Ventures, private life science investors Bo Jesper Hansen and Jan Struve as well as existing investors, including Novo Holdings and The Danish Growth Fund.

Chief Executive Officer, Graeme Brookes said: “We are very pleased to have obtained sufficient capital to drive revenue growth and strengthen our value proposition in the fast-growing US advanced biologic wound care market. Now that we also have the US reimbursement rate and coding confirmed, we can execute on our plans to provide our proven and effective technology to address the unmet medical need for diabetic foot ulcer patients and to help healthcare professionals achieve their treatment goals. Finally, I would like to welcome our new investors, who further strengthen the knowledge base and commitment already in place with our highly supportive existing investor group.”

Samuel Levy, Founding Partner at Lauxera Capital added: “Approximately every 20 seconds, a limb is lost as a consequence of diabetes. Lauxera Capital is delighted to partner with Reapplix to transform the treatment of diabetic foot ulcers with our 3C Patch® therapy. Reapplix’s US commercial organisation is extremely talented and is poised to launch a true innovation in the fast-growing 1.4 billion dollar advanced biologic wound care market.”

We believe that information should be free and will therefore never put up a paywall.

If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.

Most Popular Articles of November

Most Popular Articles of this Year