IR-MED Granted Patent in Israel for its AI-Driven Platform Technology: Non-Invasive Analysis of Subcutaneous Tissue

Rhea-AI Summary

IR-MED Inc. (OTCQB:IRME) has been granted a patent for its PressureSafe™ decision support device, which offers more than 90% accuracy in the early detection of pressure injuries. The company's noninvasive AI-driven spectrographic analysis technology platform aims to address significant healthcare needs, with the U.S. healthcare burden from pressure injuries amounting to $26.8 billion annually. The patent, titled 'System and method for noninvasive analysis of tissue,' covers IR-MED's platform technology, a method for noninvasive analysis of subcutaneous tissue. This method uses infrared radiation (IR) to measure the intensity of the radiation in spectral bands emerging from the tissue, providing data-driven support for the diagnostic assessment of subcutaneous tissue. IR-MED's first product, PressureSafe™, is set to launch in the U.S. in the first half of 2024, offering a novel solution to the challenge of treating pressure injuries, particularly for people with darker skin tones.

The Granted patent covers IR-MED’s PressureSafe^™ decision support device for the early detection of pressure injuries addressing a healthcare burden that amounts to $26.8 billion in the U.S. annually with a non-invasive device that offers more than 90% accuracy

Rosh Pina, Israel, Dec. 07, 2023 (GLOBE NEWSWIRE) -- IR-MED Inc., (“IR-MED” or the “Company”) (OTCQB:IRME), developer of a noninvasive AI-driven spectrographic analysis technology platform to address significant healthcare needs, announced today it has been granted a patent titled “System and method for noninvasive analysis of tissue” from the State of Israel Patent Office. This follows a similar patent granted in the U.S., and other patent applications pending in key markets including the European Union.

The patent addresses IR-MED’s platform technology, a method for noninvasive analysis of subcutaneous tissue. The method irradiates a surface of the tissue with infrared radiation (IR) in spectral bands that are strongly absorbed or scattered by tissue chromophores like water. The intensity of the radiation in each of the spectral bands emerging from the tissue is measured and then compared by an algorithm that produces data-driven support for the diagnostic assessment of subcutaneous tissue.

IR-MED’s first product, PressureSafe^™, slated for launch in the U.S. in the first half of 2024, is a handheld device that uses this patented technology to identify early-stage pressure injuries with more than 90% accuracy. PressureSafe^™ provides a novel solution to the challenge of treating pressure injuries which costs $26.8 billion annually in the U.S. alone and disproportionately impacts people with darker skin tones.

(https://journals.lww.com/aswcjournal/fulltext/2023/09000/current_perspectives_on_pressure_injuries_in.5.aspx).

“We believe that growing our patent portfolio at this time adds significant value as we are nearing commercial launch of PressureSafe^™ in the U.S., while this specific patent supports our potential future commercial activities in Israel,” stated IR-MED’s CEO Tzur Di-Cori. “By assisting healthcare providers to identify and treat pressure injuries earlier, patients can benefit from significantly improved health outcomes while payers and providers can substantially reduce expenses stemming from advanced-stage pressure injuries and related complications.”

About IR-MED

IR-MED Inc., is developing a noninvasive spectrographic analysis technology platform, allowing healthcare professions to detect, measure and monitor, in real time, different molecules in the blood, in human tissue, and in body fluids without invasive procedures. PressureSafe^™, 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 as it calibrates personally to each patient’s skin.

IR-MED’s technology is being developed to allow accurate 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 technology and innovations in the noninvasive tissue analysis, and in the modeling and analysis of subcutaneous tissue.

PressureSafe^™ is currently undergoing usability studies at multiple medical centers. It is not yet available for commercial use.

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. For example, we are using forward looking statements when we discuss that our PressureSafe^™ is scheduled for launch in the U.S. in the first half of 2024; that PressureSafe^™ can identify early-stage pressure injuries with more than 90% accuracy; and that PressureSafe^™ will enable patients to benefit from significantly improved health outcomes while payers and providers can substantially reduce expenses stemming from advanced-stage pressure injuries and related complications. 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, completion of the development and design of PressureSafe device, results of clinical/useability 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 29, 2023 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.

Contact:

Sharon Levkoviz, Chief Financial Officer

Tel: +972 (0) 4 6555054

Attachment

• IR-Med, Inc.

FAQ

What is the name of the company that has been granted the patent for the PressureSafe™ decision support device?

IR-MED Inc. (OTCQB:IRME) has been granted the patent.

What is the accuracy of the PressureSafe™ decision support device in the early detection of pressure injuries?

The device offers more than 90% accuracy.

What is the annual healthcare burden in the U.S. related to pressure injuries?

The U.S. healthcare burden from pressure injuries amounts to $26.8 billion annually.

When is IR-MED's first product, PressureSafe™, set to launch in the U.S.?

PressureSafe™ is slated for launch in the U.S. in the first half of 2024.

What is the specific focus of the patent granted to IR-MED?

The patent covers IR-MED's platform technology, a method for noninvasive analysis of subcutaneous tissue using infrared radiation (IR).