Orpyx Medical Technologies, a maker of insoles that monitors diabetic foot complications, announced the close of a $7.6 million Series A investment round.
Paddock Capital Inc. led the investment round with participation from existing and new investors, including Aphelion Capital, Thin Air Labs, InterGen Capital, Relentless Venture Fund, ICM Asset Management, Anges Québec, Picante Capital Corp. and Viewpoint Group. The investment brings Orpyx’s total funding since the inception of the company to $18.5 million and will help the company expand its North American commercialization efforts as well as broaden and accelerate technology development. Cory Paddock, co-founder and Managing Director of Paddock Capital Inc, will join the Board of Directors.
“Orpyx’s product offering is well-timed with the increasing demand for telemedicine solutions that help serve people with diabetes,” said Cory Paddock, managing director of Paddock Capital. “It is estimated $176B is spent in the US alone on diabetes care, of which $60B is directly related to lower limb care. Orpyx is at the forefront of technology that enables preventative care that will not only prevent diabetic foot ulcers (DFUs) from occurring but will also decrease costs for the health system.”
The Series A financing builds on a strong year for Orpyx, which has included the launch of their flagship product line, Orpyx SI Sensory Insoles, the only sensory insole with telemedicine capabilities that provides patients and their healthcare provider real-world feedback to help prevent diabetic foot and other neuropathy-related ulcers. The launch was preceded by the publication of a first-of-its-kind, randomized control trial that when compared to standard of care demonstrated up to an 86 percent reduction in DFU recurrence in people with a previous DFU and diabetic peripheral neuropathy, which often results in a lack of protective pain sensation.
“For the first time, we can provide sensory feedback through a simple user interface to provide real-time physiological data to the wearer. Previously, this type of accuracy was only available in a research setting, but now it can be used in the real-world so patients and healthcare providers can collaborate to help prevent DFUs. Studies show that patients with DFUs were seen in outpatient facilities 14 times per year and hospitalized approximately 1.5 times per year. Our goal is to advance the current standard of care to improve patient quality of life and mobility, while substantially decreasing healthcare costs,” stated Dr. Breanne Everett, Orpyx CEO and co-inventor.
Photo courtesy Orpyx Medical Technologies
