REG - Spectral MD Holdings - Additional $8.2M of Funding from BARDA

Spectral MD HoldingsAnnouncement

30/08/2022 07:16

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RNS Number : 4700X  Spectral MD Holdings, Ltd.  30 August 2022

 

Spectral MD Holdings, Ltd

("Spectral MD" or the "Company")

 

Spectral MD Awarded an Additional $8.2M of Funding from BARDA

Funding will accelerate commercialization pathway for Spectral MD's
DeepView(®) technology

 

LONDON, U.K AND DALLAS, TX, U.S. Spectral MD Holdings, Ltd. (AIM: SMD), a
predictive analytics company with proprietary AI and optical technology for
faster and more accurate treatment decisions in wound care, announces it has
been awarded $8.2 million in additional funding by the US Biomedical Advanced
Research and Development Authority (BARDA). This funding supplements the
original award announced on September 6, 2021,
(https://investors.spectralmd.com/company-announcements/company-announcements/archive/2021/060921)
and brings the total funding commitment received by Spectral MD to over $100
million since 2013. The additional funding will further accelerate the
commercialization of the Company's DeepView(®) Wound Imaging System
("DeepView(®)") by expanding the number of sites for the clinical training
study for burn wounds, increasing DeepView(®)'s interoperability with health
systems' electronic health records ("EHR"), and accelerating the Company's
manufacturing readiness.

 

Wensheng Fan, Chief Executive Officer of Spectral MD, said: "We are honored to
receive this funding to deliver technology assisting with BARDA's preparedness
goal to rapidly develop safe, effective medical countermeasures accessible to
all Americans. Importantly, this award expedites bringing this transformative
technology to market and will ultimately change the standard of care for burn
diagnosis and treatment in the US."

 

Spectral MD will expand DeepView(®)'s burn training study to include
additional pediatric sites and US Emergency Departments ("EDs"). The Company
anticipates the additional pediatric clinical data will increase the
robustness and accuracy of DeepView(®)'s wound healing prediction in
pediatric patients from the current level of 88%. The addition of EDs will
facilitate establishing a clinical benchmark for DeepView(®)'s ED burn
healing assessment, which we anticipate will have a major impact in the
delivery of care for burns which is currently a challenge for the diagnosis
of burn wounds.

 

With this award, additional interoperability features will be added to
DeepView(®) that allow for integration with major US EHR systems, such as
EPIC, Cerner, and others. This is an important feature, as US federal and
state governments are heavily promoting the adoption of EHRs to improve care
quality, safety, efficiency, cost-savings and to reduce health disparities.

 

The award will also significantly increase the Company's DeepView(®) system
production readiness in collaboration with its manufacturing partner utilizing
validated current Good Manufacturing Practice ("cGMP") for scaled production.

 

CEO video Q&A

This project has been supported in whole or in part with federal funds from
the Department of Health and Human Services; the Administration for Strategic
Preparedness and Response (ASPR (https://aspr.hhs.gov/Pages/Home.aspx) );
Biomedical Advanced Research and Development Authority (BARDA), under Contract
number 75A50119C00033. Learn more about BARDA:
https://www.medicalcountermeasures.gov/
(https://www.medicalcountermeasures.gov/) Funding support for DeepView(®)'s
use in burn triage and treatment decisions has also been provided by US
National Science Foundation (NSF), US National Institutes of Health (NIH) and
US Defense Health Agency (DHA).

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

For further information please contact:

 

 Spectral MD Holdings, Ltd.                                                           investors.spectralmd.com
 Wensheng Fan, Chief Executive Officer                                                via Walbrook PR
 Nils Windler, Chief Financial Officer

 SP Angel Corporate Finance LLP (NOMAD and Joint Broker)                              Tel: +44 (0)20 3470 0470
 Stuart Gledhill/Caroline Rowe (Corporate Finance)

 Vadim Alexandre/Rob Rees (Sales & Broking)

 Stifel Nicolaus Europe Limited (Joint Broker)                                        Tel: +44 (0)20 7710 7600

 Charles Hoare / Ben Maddison / Nick Harland / Will Palmer-Brown

 Walbrook PR Ltd (Media & Investor Relations)      Tel: +44 (0)20 7933 8780 or spectralMD@walbrookpr.com
 Paul McManus / Louis Ashe-Jepson                  Mob: +44 (0)7980 541 893 / +44 (0)7747 515 393

 Alice Woodings                                    +44 (0)7407 804 654

 

 

About Spectral MD:
 

We are a dedicated team of forward-thinkers striving to revolutionize the
management of wound care by "Seeing the Unknown" ® with our DeepView(®)
Wound Imaging System.

www.spectralmd.com

info@spectralmd.com

 

 

 

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