London Stock Exchange welcomes Spectral MD Holdings, Ltd. to AIM
London Stock Exchange today welcomes Spectral MD Holdings, Ltd. (“Spectral MD” of the “Company”) (AIM: SMD) a predictive analytics group that develops proprietary AI algorithms and optical technology for faster treatment decisions in wound care, headquartered in Dallas, Texas, U.S.A.
Using its DeepView® Wound Imaging Solution, an internally developed AI technology and multispectral imaging system which has designated FDA Breakthrough Device status, the Company is able to distinguish between damaged and healthy human tissue invisible to the naked eye, providing 'Day One' healing assessments for burn wounds and diabetic foot ulcers (‘DFU’).
The Company has to date received substantial support from the US government with contracts from institutions such as Biomedical Advanced Research and Development Authority (BARDA), National Science Foundation (NSF), National Institute of Health (NIH) and Defense Health Agency (DHA) in support of the burns application for its DeepView® system.
Spectral MD successfully completed an oversubscribed Placing for gross proceeds of £11.3 million (c.US$16 million). The Company has one principal trading subsidiary, Spectral MD, Inc, and has set up a permanent establishment in the UK from which it will be growing its business in the UK and EU. Spectral MD’s market capitalisation is expected to be approximately £80million on Admission.
The Directors believe that Admission will be an important step in the Company’s development as it will assist in building the profile of the business, particularly in Europe where it is looking to spearhead growth, which will provide access to wider pools of capital.
The Company believes that Admission will provide further funding to undertake clinical trials for the DFU application, which is a larger market than burn wound assessment, in the US, UK and EU and to develop a UK-based EMEA headquarters to support CE-Mark approval and commercial expansion.
Wensheng Fan, CEO of Spectral MD Holdings, Ltd., said: “We are delighted with the support shown by investors in our AIM IPO, which is a key milestone in our commercial development. Our technology enables clinicians to make ‘Day One’ decisions on burn injuries which can significantly reduce patient recovery time and improve the outcome of the healing process. These funds will support further development of our DFU application, build a greater UK and European presence and help the Company gain the necessary regulatory approvals to bring the DeepView® technology into these markets.
“We are now well funded to expand our portfolio and develop our DFU technology through to commercial launch, which positions us well in a significant and continually growing market worldwide. Diabetes affects over 30 million people in the US and more than 415 million globally.
“Spectral MD has the opportunity to support patient recovery from life-changing injuries worldwide and revolutionise the management of wound care. We look forward to keeping our shareholders updated as we deliver on that mission.”