Calgary-based digital therapeutics startup Orpyx Medical Technologies has closed $26.9 million CAD ($20 million USD) in growth capital to expand its diabetic foot ulcer prevention product south of the border.
The financing, which closed in July, came exclusively from New York-based Perceptive Advisors, which invests in life sciences companies and has also invested in fellow Canadian company Fusion Pharmaceuticals.
“This partnership allows us to accelerate our commercial efforts in delivering life-changing solutions to patients and healthcare providers.”
A spokesperson for Orpyx told BetaKit that Perceptive is a new investor in the startup but declined to disclose whether the round included any secondary capital or venture debt.
In a statement, Orpyx CEO and founder Dr. Breanne Everett said the new funding will support the startup’s goal of saving limbs and preventing debilitating foot complications for those living with diabetes and neuropathy.
“This partnership allows us to accelerate our commercial efforts in delivering life-changing solutions to patients and healthcare providers, ultimately improving outcomes for those most in need,” Everett added.
According to a 2019 study in The Lancet, one quarter of people living with diabetes develop foot ulcers over their lifetime, and one in five of them experience complications that lead to amputation. A 2016 study indicates that 85 percent of diabetes‐related lower extremity amputations are preceded by foot ulcers.
Orpyx has developed a solution aimed at preventing diabetic foot ulcers, using shoe-based sensor technology to help people with diabetes stay mobile.
Orpyx operates primarily through a B2B model, targeting healthcare providers, clinicians, and organizations that specialize in diabetes care and wound management. The startup partners with podiatrists, orthotists, diabetes specialists, and wound care clinics to distribute its technology. Orpyx also markets its products directly to individuals living with diabetes who want to manage their foot health.
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Orpyx introduced its Sensory Insole system in 2020. The tool offers real-time feedback for diabetic patients and individuals with foot numbness to help prevent diabetic foot ulcers. The system tracks foot pressure, temperature, and movement using sensor-equipped custom insoles, delivering audiovisual alerts and offloading guidance to smartphones and smartwatches when it identifies a potential risk of foot injury.
The startup was founded in 2010, and it has previously raised capital from Calgary-based Paddock Capital, as well as Aphelion Capital, Thin Air Labs, InterGen Capital, and Relentless Venture Fund.
Orpyx’s spokesperson said over the last year, the startup has been focused on gaining commercial traction in the United States, which includes expanding in the veteran affairs market and engaging with more commercial payers. The company has offered its product in the US market since 2020, and more recently, initiated partnerships with the Veterans Health Administration and US health plans.
The spokesperson noted that Orpyx’s offering has been prescribed to thousands in the US in Canada, but declined to share specific numbers. They stated that the new capital will be used to fuel Orpyx’s expansion in the US, focusing on both the veterans affairs sector and commercial payers.
Feature image courtesy Orpyx via Facebook.