RICHMOND, Va.--(BUSINESS WIRE)-- Virginia Life Science Investments, LLC and other investors have completed a recapitalization and management restructuring of Cupron, Inc., a Delaware corporation established in 2001, with principal offices in Modi’in, Israel. The transaction provides significant new capital to support the continued growth and development of Cupron Inc.; as well as the formation and initial capitalization of an independent new entity, Cupron Medical Inc., a Delaware corporation with principal offices in Richmond, VA.
The transaction also resulted in the formation of a new executive leadership team. Key members of this new team include Mr. Paul Rocheleau, a seasoned executive in technology development, global materials business leadership, and venture management, who has been appointed to the dual roles of Chairman of the Board for Cupron Inc. and Chief Executive Officer of Cupron Medical Inc. Mr. Danny Lustiger, an experienced executive with extensive operational and financial management experience with technology companies, was appointed as President and Chief Executive Officer of Cupron Inc. And Mr. Ronald Dziedziula, a 30 year marketing, sales, and operational executive of the medical device industry, who joined Cupron Medical Inc. as Vice President and General Manager.
Cupron Inc. has developed a robust, patented antimicrobial technology platform that uses a natural, Environmental Protection Agency (EPA) registered form of Copper (cuprous oxide), providing an effective broad spectrum antimicrobial with many medical and consumer applications. Cupron technology has also been clinically demonstrated to have cosmetic benefits such as a reduction in the appearance of wrinkles and related skin conditions. In addition, Cupron technology has shown early clinical evidence of having a potential positive effect on wound healing and in treating infections. Cupron is engaging in a long term program of testing and clinical studies to provide data for submission to the EPA and the Food and Drug Administration (FDA) in order to support expanded product claims.
Cupron’s proprietary technology permanently integrates cuprous oxide particles in textile fibers, non-woven fabrics, paper, latex and other polymeric products. The technology can also be utilized in cosmetics, creams and other suspensions. As a result, the cuprous oxide technology is very long lasting and can be applied to a broad range of consumer, industrial, military, and healthcare applications. In addition to exhibiting the antimicrobial efficacy and therapeutic benefits, cuprous oxide has been demonstrated to be 1) non-toxic to humans, 2) non-sensitizing and non-irritating to skin, and 3) environmentally friendly.
“The introduction of Cupron technology into the global consumer and healthcare markets is a major focus of the expanded management team; and led to the formation of Cupron Medical Inc.,” stated Paul Rocheleau. “Over the past five years Cupron has refined the technology’s performance and clinically demonstrated efficacy in a wide range of healthcare applications,” said Paul. “We now have the knowledge, financing and the team to commercialize our technology into a wide range of healthcare products. This will provide important new tools for caregivers to utilize against both the growing problem of Hospital Acquired Infections and the care of patients afflicted with certain disease states such as diabetes or medical issues such as chronic wounds.” An estimated 6 million Hospital Acquired Infections occur each year across the United States, Europe and Japan. In the US alone, there are nearly 100,000 deaths annually, with treatment costs estimated in the tens of billions of dollars.
The proceeds from the transaction are being used to expand new product development and the clinical trial program, gain additional regulatory approvals, and significantly strengthen and expand the global management and sales teams to support a higher level of commercialization activity. Both Cupron Inc. and Cupron Medical Inc. are in the process of launching a number of new products, both independently and in conjunction with strategic partners worldwide.
About Virginia Life Sciences Investments, LLC
Virginia Life Sciences Investments, LLC (“VLSI”) is a commercialization and investment company designed to support the commercialization of new life science technologies. VLSI has the managerial support and capital needed to accelerate the growth and development of highly qualified life science companies that have the potential for rapid growth in North America and other markets.
Forward-Looking Statements
This press release is intended for investors who understand the prospective nature of forward looking statements such as are included in this press release, including management’s assessment of the Cupron technology and our ability to execute on our business strategies for the technology. All forward-looking statements are based on our current expectations and are subject to a number of uncertainties that could result in unexpected outcomes and could limit our overall success. While we undertake no duty to update this information, all information set forth in this release reflects management’s expectations as of the date of this release.
Cupron Medical Inc. Mr. John Cudzik, 757-561-0043 jcudzik@cupronmedical.com 800 E. Leigh Street Richmond, VA 23219 or Cupron Inc. Ms. Dafna Gabbay, +972-54-6334323 Dafna@cupron.com Hamayan 4 Ligad 2 Building Mod’in, Israel
Source: Cupron Medical Inc.
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