Cuprina Holdings (Cayman) Limited (NASDAQ:CUPR) shares are trending on Monday.

CUPR shares fell 22.47% to $6.52 in after-hours trading on Monday.

The stock of the Singapore-based biomedical company developing wound care and biotechnology products surged 111.84% intraday to $8.41, according to market data.

FDA Clearance Drives Rally

The move came after Cuprina Holdings disclosed in a Form 6-K filing with the U.S. Securities and Exchange Commission on Monday that it received U.S. Food and Drug Administration 510(k) clearance for MEDIFLY Maggots.

The company said MEDIFLY Maggots is the first maggot debridement product using the Lucilia cuprina species to receive U.S. FDA 510(k) clearance.

MEDIFLY Maggots is cleared for the debridement of non-healing necrotic skin and soft tissue wounds, including pressure ulcers, neuropathic foot ulcers, and non-healing traumatic or post-surgical wounds.

Cuprina said the product uses medical-grade fly larvae to remove dead and infected tissue and support the body's natural healing process.

The company also said the clearance gives it U.S. FDA commercial rights to both maggot species used in maggot debridement therapy.

Chief Executive Officer David Quek said the dual-species FDA clearance gives Cuprina a competitive edge as it expands its wound-care portfolio.

Trading Metrics, Technical Analysis

Cuprina has a market capitalization of $22.55 million, a 52-week high of $76.00 and a 52-week low of $1.76.

Currently, the stock is trading at about 8.9% of its 52-week range.

Benzinga's Edge Stock Rankings indicate that Cuprina has a positive price trend over the short and medium term, while the long-term trend remains negative.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.