The Woundcare Co., ( former Gerystone Pharmaceuticals Inc. ) is dedicated to bringing its patented platform of wound care technologies to the global marketplace, using them to improve quality of life and healthcare outcomes for patients who suffer from chronic wounds, and to lower healthcare costs associated with chronic wound treatment.
Dedicated to Making a Difference
For patients living with chronic wounds, every-day activities can be painful and challenging. The incidence of chronic wounds is a growing, global problem. In the United States alone, it is projected that the incidence of chronic wounds will rise significantly, with five to seven million chronic wounds estimated annually. The management and treatment of chronic wounds in the U.S. presently costs an estimated $20 billion per year.
At The Woundcare Co., we have developed innovative new wound care technologies that can help patients with chronic and non-responding wounds lead more active, productive and pain-free lives. Our current product line includes Epi-Max® in the United States and DerMax® and MelMax® in the European Union and the Middle East. Our goal is to become a global leader in the treatment of chronic wounds and to leverage our expertise in wound treatment to develop new products and applications using our innovative Polyhydrated Ionogen (PHI) technology.
The Woundcare Co., ( former Greystone Pharmaceuticals Inc. )
Operates through the following affiliates/subsidiaries:
- Dermagenics U.S., Inc. which operated all woundcare sales;
- Greystone Research, Inc. which ran all research activities;
- Dermagenics Europe, B.V. which owns all European regulartory approvals and runs all European operations;
- The Woundcare Company, B.V. which sold the wound care products internationally; and
- Dermedics, Inc. which was formed to operate the cosmetic business
The Woundcare Co., 3M Relationship
After several years in development, including regulatory approval and intellectual protection, The Woundcare Company's first market ready product was a topical wound care dressing with an active drug component. This product proved extremely effective in the treatment of recalcitrant, non-healing wounds, especially diabetic ulcers. In a market starved for effective wound healing products, The Woundcare Co., captured the attention of a number of large pharma companies, including the 3M Corporation. 3M had a huge share of the traditional bandage market and was looking for the proper product to serve as an entrée into the more sophisticated, science and outcome driven advanced wound care market. After years of negotiations 3M signed a License and Supply Agreement with. By July of 09 the relationship was already beginning to show strain.
Events Leading to Commencement by The Woundcare Co., of Chapter 11
The Woundcare Co. derived its principal source of revenue from the Agreements with 3M. In September, 2009, the Debtor received notice from 3M of non-conformance to various terms of their Agreement. During 2009, The Woundcare Co., engaged in various efforts to reduce costs, working capital needs and discretionary spending, while maximizing liquidity and exploring ways to control costs in a difficult economic environment. The prevailing conditions overwhelmed Greystone Pharmaceuticals’ ability to conduct normal business operations. Accordingly, The Woundcare Co., commenced chapter 11 proceedings on November 2, 2009 to preserve its contractual rights and to avail itself of the opportunity to achieve both a financial restructuring and an operational restructuring, thereby preserve the value of its business and intellectual property and technologies associated with the business.
The WoundCare Appointment
How do we compete? By offering the most effective technology on the market and by having consistently pleasant and professional service available in all areas worldwide. Our management philosophy is simple . . . we provide our customers with the products they need and a level of quality service that exceeds their expectations. We select associates for their ability to live up to this promise. That's why we selected Mr. Allan Lan as our company representative for Asia, Africa, and the Middle East. His contact information is: