A health company in Connecticut has acquired the Portland-based bandage maker, HemCon.
HemCon bandages contain chitosan, a derivative of shrimp shells. It’s highly effective at clotting blood.
The company was founded in 2001 and with Department of Defense backing, sent bandages to Iraq.
There, they were used on soldiers suffering traumatic wounds.
But in 2012, an adverse patent infringement ruling sent HemCon into bankruptcy. It owed a Massachusetts competitor millions in damages.
Now TriStar Wellness Solutions has bought HemCon for about $3 million.
Dennis McNannay is with the Oregon Bioscience Association.
He said, “It’s really gratifying to see a very innovative, high quality company make the next leap up with the proper resources that are required to do that.”
TriStar says HemCon’s manufacturing and operations will remain in Portland, and the approximately 30 employees will stay on.