In the past year, Cuprina Holdings (Cayman) Ltd made $80,000 in revenue but suffered a net loss of $890,000. Its market cap is $30.7 million.
Network 1 Financial Securities was the underwriter for their IPO.
Cuprina specializes in chronic wound care products, mainly producing sterile bio-dressing products from blowfly larvae under the MEDIFLY brand. They have been selling these products in Singapore since February 2020 and in Hong Kong since March 2023. The company plans to expand its operations in key markets like Southeast Asia, the Middle East, and China by 2025 to meet growing demand.
Cuprina, based in Singapore, focuses on developing and commercializing innovative wound care products, including collagen dressings made from bullfrog collagen and products using medical leeches. They predict these new products will be available by 2025 after getting regulatory approvals. Their existing MEDIFLY products are used in Maggot Debridement Therapy, a beneficial alternative to surgical procedures.
In 2023, Cuprina also launched three cosmeceutical products. Customers can acquire wound care products through prescriptions at hospitals and clinics, while cosmeceuticals are available via retail stores, gyms, and online platforms.
As of December 31, 2023, Cuprina’s net loss and revenue figures are in U.S. dollars. An independent auditor has raised concerns about the company’s ability to continue operations without adequate funding.
Cuprina Holdings was established in 2019, has 14 employees, and is located at c/o Blk 1090 Lower Delta Road #06-08, Singapore 169201. They can be contacted at +65 8512 7275 or through their website: cuprina.com.
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