Previously we suggested a new pharmaceutical derived from coordination complex of Co³⁺ with polyacrylic acid (PAA) exhibiting hemostatic and microbicidal activity, namely Hestatin. Differences in the physiological activity of Hestatin synthesized from PAA 10 kDa (Hestatin 10) and 200 kDa (Hestatin 200) were shown. We tested the acute toxicity of Hestatin and its effect on the healing rate of sterile wounds in rats. Free 10 kDa PAA, emulsion wax, emulsion wax carrying resveratrol, and dexpanthenol were tested for comparison. Hestatin 10 exhibited no acute toxicity when administered intragastrically at dosages of 5 g per kg. Hestatin 10 surpassed all tested drugs in its wound healing ability. Histological analysis of skin sections of rats in the area of healing defects showed an increased rate of synthesis of reticular fibers compared to the placebo. In the early stages of wound healing (inflammatory phase), Hestatin 10 stimulated taxis of mast cells (MCs) to the wound bottom but not to the wound perimeter. At the final stage of wound healing (remodeling phase), Hestatin 10 promoted MC evacuation from the skin defect area. This effect is the opposite of the well-known wound-healing agents (dexpanthenol and resveratrol), which enhance MC infiltration into the defect area in the remodeling phase.