Psoriasis affects 2.2% of the world’s population and 7.5M people in the US. Direct costs associated with this disease are estimated at over $50B in the US annually. Approximately 89% of psoriasis patients have less than 7% of their body surface area affected, qualifying them for a local rather than systemic therapy. A significant majority of these patients have lesions with morphology treatable by the Luma Light System, representing a target market in the US of about 3.6M.
Psoriasis suffers pay about $200 out-of-pocket annually for mildly effective topical creams, our primary competition. The highly effective Luma Light System will consist of a hand-held light (~$199 one-time cost), and patches that are replaced every 5-7 days. This will generate an annual average revenue/patient of $275 from the disposable patches (>90% margin), which represents a total US market potential in excess of $1B for this therapy. In addition, similar skin disorders represent an expansion opportunity.