• Subjects who voluntary give written informed consent to participate in study

• Males and female subjects aged 18 to 75 years inclusive at Screening (date the subject provides written informed consent to participate in study) for Part 1 only

• Subjects must have a full thickness ulcer that meets the following criteria:

‣ Ulcer surface area \> 1 cm2 and \< 25 cm2

⁃ Ulcer surface area hasn't increased or decreased by 25% or more, as assessed within 14 days or more prior to Baseline

⁃ Ulcer depth \> 0.2 cm at the deepest point of the wound, as measured by gently inserting a pre-moistened cotton tipped applicator into the deepest part of the wound.

⁃ Ulcer age \< 12 months (365 days) prior to Baseline (for Part 2 only)

• Received \> 28 days of standard, conventional wound therapy with a high-compression, multilayer bandaging (e.g. compression hose, custom garments, commercial kits, etc.) prior to the Baseline visit. If clinically necessary, subjects may have received other wound treatments as needed (e.g., surgical debridement, pressure off-loading, negative pressure and/or hyperbaric oxygen therapy).

• Subjects must have previously undergone venous hemodynamic correction via compression, surgical venous stripping, sclerotherapy, endovenous laser ablation, and/or endovenous radiofrequency ablation.

• Subjects must have adequate circulation to the affected extremity as demonstrated by the most recently measured ankle-brachial index (ABI) greater than or equal to 0.8 and less than or equal to 1.2 or triphasic or biphasic Doppler arterial waveforms at the ankle of the affected leg (as applicable). If subject has undergone lower extremity stenting or bypass where ABI would be considered unreliable to assess microvascular circulation, subjects must have transcutaneous oximetry (TcPO2) \> 40 mmHg.

• Subjects must have VSU caused by underlying venous reflux disease with physiological reflux lasting greater than 500 milliseconds for superficial veins and 1.0 seconds for deep veins, as confirmed by most recent Doppler ultrasound venous mapping from Baseline; historical results/confirmation within the previous three years allowed.

• Subjects who agree to follow the specified precautions to avoid pregnancy as follows:

⁃ Subjects who are females of childbearing potential include any female subject who has experienced menarche and who has not undergone successful surgical sterilization (hysterectomy, bilateral tubal ligation, or bilateral oophorectomy) or is not postmenopausal (defined as amenorrhea for at least 12 consecutive months). For female subjects of childbearing potential, a negative urine pregnancy test is required at Screening and Baseline prior to initiating Study Product. Female subjects of childbearing potential must follow 1 of the following approaches:

• Practice actual abstinence from intercourse

• Have a partner with a vasectomy

• Have an intrauterine device

• Must use 2 different forms of highly effective contraception for the duration of the study, and for at least 48 hours after discontinuing study drug. Medically acceptable forms of effective contraception include approved hormonal contraceptives (such as birth control pills) or barrier methods (such as a condom or diaphragm).

‣ Male subjects with a partner of childbearing potential must use a condom during intercourse for the duration of the study, and for 48 hours after discontinuing study drug.

• Subjects who, in the opinion of the Investigator, are capable of communicating effectively with study personnel and are considered reliable, willing, and likely to be cooperative with protocol requirements and attend all required study visits.

∙ Subjects who have the capability to answer surveys and questionnaires written in English.