There is a growing interest in the development of wound dressings that possess functionality beyond providing physical protection and an optimal moisture environment for the wound. To this end, a novel dressing material based on a sulfonated triblock polymer has been developed. This versatile polymer possesses an ion-exchange capability that is amenable to binding and controlled release of a variety of therapeutic agents. This sulfonated polymer offers several advantages over existing commercial hydrogels used as wound dressings. These include (1) hydrophilicity that is proportional to sulfonation level, (2) easy preparation of fabric supported dressings (e.g., polyester, cotton, nylon), (3) excellent mechanical integrity of the materials when hydrated, (4) stability to a variety of chemistries, and (5) stability to a variety of sterilization methodologies. In this study, polymer was coated onto a polyester fabric and then modified by ion exchange to prepare the sodium, silver, or doxycycline salts. These sulfonated triblock polymer formulations were then evaluated for their capacity to sequester the neutrophil proteases, elastase, and collagenase-2 (MMP-8). Several of the formulations were found to sequester significant amounts of either elastase or collagenase. These formulations were demonstrated to be tested against a commercially available dressing that is currently marketed for its protease-inhibiting capability. The experimental dressing was statistically superior to the commercial dressing at inhibiting MMP-8 and elastase under the same conditions.