I would expect that if you stabbed that into a small animal - like a fish - the wire would just stop the knife from penetrating past that point. And if you stabbed it into a larger animal - like a Wookie - the wire would not be anywhere near strong enough to act as a barb. It would just bend down on the way in, and then reverse and bend back the other way on the way out.

It's worth testing to see if it would work, but I have my doubts.