IR-Med signs an agreement for the commercial design of the
Rosh Pinna, Israel, August 30, 2022 (GLOBE NEWSWIRE) — (“IR-MED or the “Company”) (OTCQB:IRME)an innovative medical device company that develops non-invasive real-time sensing devices using infrared (IR) light spectroscopy and artificial intelligence (AI) for use by healthcare professionals, announced that its subsidiary in 100% IR-Med has signed an agreement with Bina Industrial Design Ltd, an industrial design company based in Israel, for the commercial design of the Pressure Safe device. IR Med’s Pressure Safe device is being developed for the detection and classification of pressure injuries at an early stage.
The agreement will cover the design of the Pressure Safe device in its advanced configuration, which incorporates preliminary results from a usability study currently underway in Israel, including feedback from healthcare professionals.
Bina Industrial Design Ltd is a small industrial design company specializing in the design of medical devices and diagnostic products serving a wide range of companies including large multinationals.
Pressure Safe uses spectrographic analysis and several other proprietary technologies combined with AI capabilities for early detection of pressure injuries. The device is intended to enable healthcare professionals to quickly identify conditions invisible to the naked eye (passing under the skin) regardless of skin tone and which may lead to pressure injuries.
PI is a major challenge for healthcare providers across the world. Failure to identify and treat is life-threatening, with approximately 60,000 deaths from PI in the United States each year. A study published in 2019 measured the total cost of acute care attributable to hospital-acquired pressure injuries (HAPI) for the entire United States at more than $26.8 billion (https://onlinelibrary.wiley.com/doi/pdf/10.1111/iwj.13071). NPs remain a concern for hospital quality in addition to being a major source of economic burden for the US healthcare system. It is expected that hospitals will need to invest more in improving the quality of early detection and care for NPs to avoid higher costs. In many countries, including the United States, hospitals and nursing homes are penalized for failing to prevent PIs while patients are in their care, including no reimbursement for the cost of treating PIs. IP.
Yoram Drucker, Vice President, Business Development and Director, stated that “the agreement with the industrial design company is another step in advancing the development of the Pressure Safe device. Bina Industrial Design brings many years of experience in designing commercial-grade medical devices and we hope their efforts will help IR-MED bring to market the optimal device for detecting pressure injuries at an early stage.
IR-MED Inc., develops a technological platform for non-invasive spectrographic analysis, allowing healthcare professionals to detect and measure different molecules in blood and human tissues in real time without any invasive procedure. The first product under development is a wearable optical monitoring device that is developed to support the early detection of pressure injuries (PI) to the skin and underlying tissues, regardless of skin tone and who is personally calibrated for each patient’s body. (Personalised medical device for equal treatment)
IR-MED technology enables high-accuracy biomarker readings in a non-invasive method, which can provide the caregiver with the optimal decision support system in cases where uncertainties confuse physicians in their decision-making processes.
IR-MED holds patents protecting its innovation in non-invasive tissue analysis, as well as in the modeling and analysis of subepidermal tissues.
Safe Harbor Statement / Forward Looking Statements
The statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of IR-MED are subject to many factors, including, but not limited to, sufficiency or working capital and our ability to raise capital necessary to fund our development efforts, device design and development efforts reported herein, results of clinical studies and trials, product development schedule, FDA approval/clearance of products in development, market acceptance of our products by customers, introduction of competing products, the impact of any product liability or other adverse litigation, marketing and technological difficulties, and other risks s identified in our most recent Annual Report on Form 10-K filed March 31, 2022 with the Securities and Exchange Commission. These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may differ from those set forth in forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
Moshe Gerber, Managing Director