– Innovative executive driving positive outcomes and profitability, Dr. Eschenbacher is focused on addressing healthcare access and equity
– Through early, non-invasive detection of pressure injuries, PressureSafe is poised to save billions in acute care costs and reduce patient deaths from pressure wounds
Rosh Pina, Israel, June 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 the appointment of Lynn Eschenbacher PharmD, MBA, FASHP, CPEL to its Advisory Board.
Dr. Eschenbacher is an innovative business development executive with extensive experience in the healthcare industry. As CEO and Founder of Echelon Health Strategies, she develops and delivers innovative strategies, operational excellence, and relationship networking to drive growth resulting in positive business outcomes and profitability. Focused on addressing access, adherence, and affordability across the continuum of healthcare, Dr. Eschenbacher works to ensure equity . She addresses impactful issues by engaging with Boards of Pharmacy, professional organizations, and the U.S. Congress.
Dr. Eschenbacher serves as Venture Partner at SpringTide, a healthcare focused venture capital firm, Chief Customer Officer at RxLive, Strategic Advisory Board Member at Atlas Health, as well as several other key roles with innovative healthcare companies.
Among Dr. Eschenbacher’s many accomplishments, she held the position of the Chief Pharmacy Officer and Vice President Medication Management at Ascension Healthcare, the second largest non-profit health system in the United States with a vast network of healthcare facilities including 178 hospitals and senior living facilities, employing over 139,000 associates and reporting an operating revenue of $28 billion in fiscal 2022. Dr. Eschenbacher also held a number of positions including Medication Safety Officer at Duke University Health System. She earned her doctor of pharmacy from The University of Texas at Austin, an MBA from Duke University, and a BS in Biology from Indiana University.
As an Advisory Board member at IR-MED, Dr. Eschenbacher will advise on the development and strategic market launch of the Company’s lead product, PressureSafe, which uses penetrating infrared light to “look” beneath the skin’s surface, senses biomarkers and structural changes in tissue layers for the early detection of pressure injuries. The Company plans to file for regulatory approval of PressureSafe with the U.S. Food and Drug Administration in fourth quarter of 2023, with commercial launch soon to follow, pending approval.
Dr. Eschenbacher commented, “PressureSafe is an easy-to-use, cost-effective device that can have tremendous impact in reducing mortality and healthcare costs resulting from pressure wounds in settings across the board from hospitals to nursing homes, and home care. I believe PressureSafe is a device that will gain rapid traction in the market. Moreover, IR-MED’s platform technology has strong potential in numerous other applications. I’m pleased to be on board with the Company.”
IR-MED’s Chairman and Interim CEO Oded Bashan, added, “We are honored to have Dr. Eschenbacher join our Advisory Board and look forward to benefiting from her very hands-on approach to helping world-class innovators get products to market that have a transformational impact on healthcare. We estimate an addressable market of over 200 million tests for PressureSafe annually. This is an enormous market rollout and we are building out our Advisory Board with top-notch experts like Dr. Eschenbacher who are tactically skilled across the healthcare ecosystem.”
60,000 of the 2.5 million patients who develop pressure wounds die each year, and about $11 billion is spent annually to prevent and treat pressure injuries, according to the National Pressure Injury Advisory Council. Early detection of pressure injuries can be challenging for all patients, particularly for minority populations. Patients with dark skin tones suffered more than twice as much as those with lighter skin according to a study published in the peer-reviewed journal Wounds because visual cues commonly associated with the identification of Stage 1 pressure wounds may not be sufficient in persons with darkly pigmented skin. PressureSafe is skin-color agnostic because it detects biomarker changes below the skin’s surface.
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. 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. Expected US launch: Fourth Quarter/2023, subject to relevant regulatory approvals.
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, 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, timing of market launch, 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.
Sharon Levkoviz, Chief Financial Officer
Tel: +972 (0) 4 6555054