Redsense expands its operations into a new market with innovative new technology for smart bandages and plasters
Today, Redsense Medical announces that the company has developed a new technology platform for smart optical measuring of substances such as blood and exudate, by using for example temperature and pressure in bandages or adhesive plasters. Discussions have been initiated with global wound care companies, and a first patent application has been filed.
The new technology is an improvement upon Redsense’s patented technology platform that is utilized in the company’s blood leakage alarm used for increased patient safety during hemodialysis. It enables a more precise optical measurement of several physical and biological parameters. There is interest from global companies in the wound care sector, and initial discussions have been initiated.
“Just as the Redsense blood leakage alarm did in hemodialysis, we now want to revolutionize patient safety during wound care treatment with this smart optical sensor technology. This is another area where we can enable lower costs of care and more individual treatment programs. There is initial interest from global wound care companies to develop their products with new technology, and our innovation can provide this in a cost-effective way,” says Redsense Medical’s CEO Patrik Byhmer.
The wound care market was valued at approximately USD 18 billion in 2016, and it is expected to grow at a CAGR of 5.3 % until 2023. The primary drivers of market growth are an ageing global population, a larger number of diabetics and increasing investments in research and development, which is also expected to lead to new research discoveries in this area. Chronic wounds are expected to constitute most of the wound care market up until 2022.
”We are aiming to address the market for advanced wound care with an estimated market size of 100 billion SEK. When looking specifically at burn wounds, we estimate that the part of the market where we see a strong interest in our product is worth approximately 20 billion SEK. We will develop an OEM business model where we work with established companies in the sector,” says Patrik Byhmer.
Redsense emphasizes that Redsense Medical has no need of any additional external capital injection to continue to develop the new application area. Other solutions for the financing are possible and are now discussed, including a new listing in a separate company.
”Because of the significant interest in this technology, and the very large global market for wound care products, we expect to find the funds to finance this. The challenge is rather to find the right framework for the development to create optimal value for the company and the shareholders. A separate listing could be appropriate as the technology has potential in several market areas. Redsense could then continue to be a pure medical technology company with the aim to reach a positive cash flow in the reasonably near future, something we have good hopes of achieving. We see this possibility to broaden our product range as a contributing factor in taking Redsense Medical to a whole new level,” says Patrik Byhmer.
Redsense has already proven that the technology works as intended. The company has also filed a first patent application that will be the starting point for a global patent strategy. The next step will be to develop a functioning prototype of the smart optic sensor that can be evaluated by potential partners.
For more information, please contact
Patrik Byhmer, CEO Redsense Medical AB (publ)
Telephone: +46 (0) 35 - 10 60 30
Redsense Medical AB is listed on Nasdaq First North (ticket: REDS). Certified Adviser: Erik Penser Bank AB
About Redsense Medical
Redsense Medical is a corporate group with operations mainly in Europe and the United States. The company has developed the Redsense system, a medical technology product used for monitoring and alarm in the case of blood leakage in connection with hemodialysis. Redsense solves one of the most serious remaining safety problems within hemodialysis – to quickly detect venous needle dislodgement and catheter leakage and minimizing blood leakage. The system consists of a patented fiber optic sensor, designed for either venous needle or central venous catheter, which is connected to an alarm unit. The company has also developed an internationally standardized direct connection enabling compatible dialysis machines to stop the blood flow automatically when blood leakage occurs. From the very start, the development of the company's technology has been based on the demands and safety requirements of healthcare providers in the dialysis sector.