Cuprina Holdings, a Singapore-based provider of skincare and chronic wound care products, raised $12 million by offering 3 million shares at $4.00, the low end of the range of $4.00 to $4.50. The company offered 0.8 million fewer shares than anticipated.
Cuprina is focused on the development and commercialization of products for the management of chronic wounds, with plans to expand into cosmeceutical products in the future. The company currently manufactures and distributes a line of medical grade sterile blowfly larvae bio-dressing products marketed under the MEDIFLY brand name. In addition to the MEDIFLY products, the company has two lines of chronic wound care products in its pipeline, and currently expects development to take place over the course of 2024 and 2025. Cuprina has been selling its MEDIFLY products primarily in Singapore since 2020 and expanded into Hong Kong in 2023. It plans to further expand into Southeast Asia, the Middle East, and mainland China.
Cuprina Holdings plans to list on the Nasdaq under the symbol CUPR. R.F. Lafferty & Co. acted as sole bookrunner on the deal.
