From NewsPlex.com:

Dr. Louis Bloomfield, a professor of physics at UVa, describes the material as being the "molecular equivalent of Velcro." The material bounces like a ball, stretches like silly putty, and sticks like glue but it's hard to describe exactly what it is.

"What I call it technically is, viscoelastic silicone rubber. It needs a good name. Alas, the great name "flubber" is already taken, but it's kind of a crazy material like flubber," Bloomfield said.

For more, see:
http://www.newsplex.com/news/headlines/UVa-Professor-Invents-a-New-Packaging-Adhesive--181070841.html