In the past year, Cuprina Holdings (Cayman) Ltd made $80,000 in revenue but had a net loss of $890,000. The company’s market cap is $30.7 million.
Network 1 Financial Securities underwrote their IPO.
Cuprina Holdings (Cayman) Ltd describes itself as a manufacturer of chronic wound care products, particularly bio-dressings made from sterile blowfly larvae, sold under the MEDIFLY brand, primarily in Singapore and Hong Kong. They aim to expand into Southeast Asia, the Middle East, and mainland China by 2025 to meet growing demand for their products.
The company focuses on biomedical and biotechnology, creating innovative chronic wound care solutions, including:
- Existing products: MEDIFLY bio-dressings for Maggot Debridement Therapy.
- Upcoming products: collagen dressings using bullfrog collagen and medical leech treatments, expected to launch in 2024-2025.
The demand for these products is growing due to an aging population and related health issues.
Cuprina also introduced three cosmeceutical products in 2023 and plans to develop more using bullfrog collagen, targeting availability from 2024 to 2028, subject to R&D progress.
Products are available through hospitals and clinics by prescription, while cosmeceuticals can be purchased directly online and in retail outlets in Singapore, Malaysia, and Australia.
Financial note: Cuprina is at risk of not continuing without sufficient funding, as reported by its independent accounting firm. Their IPO price range is now $4.00 to $4.50 for 3.75 million shares, aiming to raise $15.94 million.
Founded in 2019, Cuprina has 14 employees and is located at Blk 1090 Lower Delta Road, Singapore. For more information, visit their website at cuprina.com.
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