Irvine-based Modulim says it is on the cusp of changing the lives of diabetic patients.
Late last month, it unveiled its ulcer-detecting imaging technology Clarifi to a room full of investors and other hopefuls at the Emerging Medtech Summit, a conference run by Huntington Beach-based Life Science Intelligence Inc.
Clarifi is a noninvasive, radiation-free vascular imaging technology. The device resembles an old projector used in school classrooms and the images produced are reminiscent of a thermal heat map—warmer colors for better blood perfusion, and darker ones for low oxygenation.
The company’s product is largely focused on diagnosing and preventing the effects of diabetic foot ulcers.
“It can provide a clinician easy to understand data that is actionable right away,” Chief Executive Richard Oberreiter told the Business Journal.
Funding Push
Modulim has raised $10 million over the past four years from private venture capitalists and undisclosed institutions.
Notable investors have included Fresenius Medical Care Ventures GmbH, a German company that is the world’s largest provider of products and services for people with chronic kidney failure.
It has also been awarded $11 million in grants from the National Institute of Health, as well as the Department of Defense.
The company is looking to secure an additional $15 million in a Series C round this year.
Modulim recently reached commercialization, and has begun selling to customers across the U.S. It declined to comment on revenue.
Except for the bolts, screws and circuitry, the company is U.S. sourced—the two main components are from Northern California and Milwaukee.
Bright Light, Quick Bursts
In last month’s demonstration, Clarifi flashed a near-infrared light accompanied by quick bursts of white light from the visible spectrum to take an image of a body part of a patient who remained still for a few seconds.
The light penetrates the skin and a special AI program processes the light dispersion through the skin and correlates it to blood perfusion, displayed as an image.
“You’ve probably seen people running around with those plastic boot things, when you injure your foot—they also have those that take the pressure off [of the foot]. Because if you don’t get [diabetic patients] into something, it’s just going to get worse,” Oberreiter said.
One of the main issues that clinicians face daily is contradictory diagnostic results. Some patients would have highly oxygenated blood in their foot, which would lead most clinicians to assume that there is good perfusion, Oberreiter said. Other patients may have high oxygen levels and low perfusion—meaning the oxygen isn’t getting absorbed and those are the ones who develop an ulcer.
The Clarifi Imaging System received FDA approval last year, and recently qualified for Medicare reimbursement.
Oberreiter served as chief operations officer from 2014 until last November, when he became CEO, taking over for founder David Cuccia, who stayed on as chief technology officer. The company has 19 employees.
