IR-MED Inc. announced it has received a grant from the Israel Innovation Authority (IIA) in the amount of approximately $500,000, to develop its platform technology for a new indication, a decision support device for the early detection of diabetic foot ulcers. The grant?s 13-month development timeline is proceeding on schedule with IR-MED having achieved its mid-point milestones. Computer simulations of infrared light reflectance from lesions under the skin surface have been completed, and based on these data, the Company is building the DiaSafe?

device?s hardware in accordance with the development plan agreed upon with the IIA. By sensing the invisible, DiaSafe?, IR-MED?s newest handheld device, is being designed to non-invasively analyze the biomarkers of blood and tissue, at the point of care, to help healthcare providers prevent diabetic foot ulcers from developing in their diabetic patients. The Company believes an effective early detection device can reduce healthcare costs, save limbs, and save lives.

Diabetic foot ulcers are more cost effective to manage in their initial stages. Detecting and treating diabetic foot ulcers early can significantly improve quality of life by reducing pain and increasing mobility. Early intervention can reduce death rate associated with diabetic foot complications.

Diabetic foot ulcers are a major cause of preventable death for people with diabetes, according to an article published in Diabetes Care, the journal of the American Diabetes Association. An estimated 537 million people globally have diabetes, and 19% to 34% of these, or up to 183 million people, will develop a diabetic foot ulcer during their lifetime. Of these, 20%, or up to 37 million people, will require lower-extremity amputation, and 10%, or 18 million people, will die within one year of their first diabetic foot ulcer diagnosis.

IR-MED?s DiaSafe? is based on the same platform technology as the Company?s lead device, PressureSafe?, a decision support device for the early detection of pressure injuries, which is expected to launch in the U.S. in the second half of 2024.