Clarify Medical said today that it closed a Series A financing round worth $18 million for its therapy system for patients with chronic skin conditions.
H.I.G. BioHealth Partners, 7wire Ventures, SV Health Investors and Bluestem Capital participated in the funding round, which adds to a $1 million round Clarify picked up in July 2018.
The San Diego-based company said the proceeds from the funding are earmarked for commercializing and further developing its Clarify home light therapy system for patients with dermatologic conditions such as psoriasis, vitiligo, atopic dermatitis (eczema), seborrheic dermatitis and leukoderma on all skin types.
The Clarify system is the first and only connected phototherapy system designed to use an app on a patient’s smartphone to manage dose, frequency and duration of targeted narrowband light therapy, according to a news release. A physician prescribes the patient’s treatment regimen, which is then controlled by the Clarify system to allow patients to administer treatment with clinical precision in their own home.
In February, Clarify won reimbursement coverage through the U.S. Centers for Medicare & Medicaid Services for treatments with the Clarify home light therapy system for psoriasis.
Clarify also announced that H.I.G. BioHealth Partners managing director Michael Wasserman, 7wire Ventures partner Robert Garber and SV Health Investors managing partner & COO Paul LaViolette will join the company’s board of directors, effective immediately.
“We are very pleased to have such high-caliber investors join our board,” Clarify president & CEO George Mahaffey said in prepared remarks. “In the brief time the Clarify system has been commercially available, we’ve established Medicare coverage and have helped many patients self-manage their chronic skin conditions at home. With this funding, we are now poised to fully launch the system in the U.S. by improving market access and building awareness within the medical dermatology community that there is now a home phototherapy option that patients can use safely and effectively.”
“Clarify Medical has attracted a strong syndicate of leading medical technology and digital health investors to fuel its commercialization efforts,” added Wasserman. “The significant technological advances of the Clarify System will enable patients with chronic skin diseases like psoriasis, vitiligo, and eczema to safely and effectively manage their conditions at home, while remaining connected to their physicians via Clarify’s cloud connectivity. The approach has tremendous benefit for patients, physicians and healthcare providers.”