A medical device company has raised $3 million in a series B financing round to expand the marketing of its compression therapy devices and compliance program for lymphatic condition lymphedema. It will also use the investment to bring two to three devices in its product pipeline to market in the next 18 to 24 months.
Wright Therapy Products, in Oakdale, Pennsylvania, is among a handful of medical device companies that provides a disease management service to monitor compliance and track data, which it shares with patients and doctors.
Michael J Hinson, the CEO, told MedCity News in a phone interview that the company views its compliance program as a competitive advantage over other companies in its space without one. He noted that the program helped it get the best outcome and reduce the overall cost of care. He noted the compliance rate for its products was much higher than the average industry compliance rate for home-care products that ranges from 25 percent to 50 percent.
Its compression device uses a sleeve that patients put on the affected area. The air compression system works up the limb from the hand or foot and repeats. Physicians prescribe the amount of time their patients use the device.
Lymphedema is caused by fluid accumulating and causing swelling in the arms, legs, breast, shoulder, abdomen, neck, or head as a result of damage to the lymphatic vessels. It can also be caused by radiation, infection, accidents, or other trauma that damages the lymphatic system. About 3 million to 5 million people have the condition, according to the National Institutes of Health. The company’s devices are also used for venous insufficiency, which affects about 2 million people.