IR-Med Signs Agreement for the Commercial Design of the PressureSafe Device

Rosh Pinna, Israel, Aug. 30, 2022 (GLOBE NEWSWIRE) -- (“IR-MED or the “Company”) (OTCQB:IRME), an innovative medical device company that is developing non-invasive, real-time detection devices utilizing Infra-Red light spectroscopy (IR) and Artificial Intelligence (AI) for use by healthcare professionals, has announced that its wholly-owned subsidiary IR-Med Ltd. has signed an agreement with Bina Industrial Design Ltd, an Israeli based industrial design company, for the commercial design of the PressureSafe device. IR Med’s PressureSafe device is being developed for the detection and classification of early-stage pressure injuries.

The agreement will cover the design of the PressureSafe device in its advanced configuration, which incorporates preliminary results from a usability study currently being performed in Israel, including feedback from healthcare professionals.

Bina Industrial Design Ltd is a boutique industrial design company specializing in the design of medical devices and diagnostic products services a broad array of companies, including large multinational companies.

PressureSafe employs spectrographic analysis and several other proprietary technologies combined with AI capabilities for early detection of pressure injuries. The device is planned to allow healthcare professionals the ability to quickly identify conditions which are invisible to the naked eye (going under the skin) regardless of skin tone and which may give rise to pressure injuries.

PI is a major challenge for care providers throughout the world. Failure to identify and treat is potentially fatal, with an estimated 60,000 mortalities from PI in the US each year. A study published in 2019 measured the total cost of acute care attributable to Hospital Acquired Pressure Injury (HAPI) for the entire United States at over $26.8 billion (https://onlinelibrary.wiley.com/doi/pdf/10.1111/iwj.13071). PIs remain a concern with regard to hospital quality in addition to being a major source of economic burden on the US health care system. It is expected that Hospitals would need to invest more in quality improvement of early detection and care for PI to avoid higher costs. In many countries, including the US, hospitals and nursing homes are penalized when failing to prevent PI while patients are in their care, including no reimbursement for the cost of treating PI.

Yoram Drucker, Vice President, Business Development and a Director, stated "the agreement with the industrial design company is an additional step in the advancement of the development of the PressureSafe device. Bina Industrial Design brings many years’ of experience in designing commercial grade medical devices and we expect that their efforts will assist IR-MED in bringing to the market the optimal device for detecting early stage pressure injuries.

About IR-MED

IR-MED Inc., is developing a non-invasive spectrographic analysis technology platform, allowing healthcare professions to detect and measure different molecules in the blood and in human tissue in real-time without any invasive procedures. The first product under development is a handheld optical monitoring device that is being developed to support early detection of pressure injuries (PI) to the skin and underlying tissue, regardless of skin tone and which calibrated personally to each patient’s body. (Personalized Medical Device For Equal Treatment)

IR-MED technology allows high accuracy readings of biomarkers in a non-invasive method, that may provide caregiver the optimal decision support-system in cases where uncertainties disturb physicians in their decision processes.

IR-MED holds patents protecting its innovation in the noninvasive tissue analysis, and in the modeling and analysis of sub epidermis tissue.

Safe Harbor Statement / Forward-Looking Statements

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, the sufficiency or working capital and our ability to raise the capital needed to fund our development efforts, the device design and development efforts reported here, the results of clinical studies and trials, timing of product development, FDA approval/clearance of products in development, customer acceptance of our products in the market, the introduction of competitive products, the impact of any product liability or other adverse litigation, commercialization and technological difficulties, and the other risks identified in our most recent annual report on Form 10-K filed on March 31, 2022 with the Securities and Exchange Commission. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.

Contacts

Moshe Gerber, Chief Executive Officer
info@ir-medical.com

Released August 30, 2022