Stedical Scientific Announces Completion of Acquisition of PermeaDerm, Inc.
Stedical Scientific embarks on its mission to accelerate global distribution of disruptive innovations in healthcare
SAN DIEGO and SHANGHAI, China, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Stedical Scientific announced that it has completed the acquisition of PermeaDerm, Inc. Stedical Scientific will develop and commercialize PermeaDerm’s advanced and innovative products in the burn and wound care markets. The company’s proprietary FDA-cleared 510k medical device products include PermeaDerm-B, -C and -G, all of which have been demonstrated to be safe and effective for a variety of burns, diabetic ulcers and other chronic wounds and have the endorsements of significant key opinion leaders and clinicians. The PermeaDerm platform technology is centered on variable porosity, allowing the healthcare provider to tailor the primary dressing/skin substitute to the needs of the wound.
Stedical Scientific intends to market and distribute the company’s products in the U.S.，Europe and Greater China. Further, in the U.S., Stedical Scientific will create an infrastructure focused on its core capabilities of R&D and manufacturing and will drive sales traction of its regulatory-cleared products through distribution relationships with top-tier commercialization partners in the wound care, infection control and burn markets.
“Our newly acquired products from PermeaDerm are expected to impact large addressable markets across the globe that will deliver multiple benefits for the entire healthcare ecosystem,” stated Lin Sun, Chairman of Stedical Scientific. “We expect to build out the platform and create additional life-changing products that serve this large market opportunity.”
“Our growth strategy, in addition to marketing the products in the U.S. and Europe, is to expand extensively in the China market. We are grateful for the opportunity to substantially improve patient and clinician experiences, as well as bring strong economic value to our investors and shareholders.”
“I am excited to complete this transaction and look forward to working with Stedical’s management team and Board to develop and commercialize important medical products to deliver upon unmet clinical needs,” stated, Aubrey Woodroof, Ph.D., Founder and CEO of PermeaDerm, Inc. “The transaction will allow us to invest greater capital and resources than we historically have been able to and maximize shareholder value.”
Jones Day acted as legal counsel to Stedical Scientific in the United States. King & Wood Mallesons acted as legal counsel to Stedical Scientific in China. Objective Capital Partners acted as the financial advisor of the transaction.
About Stedical Scientific
Stedical Scientific (Shanghai) Co., Ltd and its U.S.-subsidiary Stedical Scientific, Inc., based in San Diego, CA, were formed to acquire companies that focus on unmet needs and large growth market opportunities in the healthcare field. Stedical Scientific’s mission is to expand these product portfolios of disruptive innovations and provide global marketing and distribution.
About PermeaDerm, Inc.
PermeaDerm, Inc. is a privately-held medical device manufacturer located in San Diego, CA that is developing innovative products to meet unmet needs in protecting, supporting and aiding in healing weakened or damaged tissue. PermeaDerm, Inc. focuses on the art of passage of fluid adjacent to the wound beneath the primary dressing into a secondary absorbent dressing as well as the kinetics of uninterrupted wound healing. More information on PermeaDerm can be accessed at www.permeaderm.com.