REG - Spectral MD Holdings - Grant of share options and Management update

Spectral MD HoldingsAnnouncement

21/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211221:nRSU2626Wa&default-theme=true

RNS Number : 2626W  Spectral MD Holdings, Ltd.  21 December 2021

Spectral MD Holdings, Ltd.

("Spectral MD" or the "Company" or the "Group")

 

Grant of share options and Management update

 

LONDON, U.K. AND DALLAS, TX, U.S. Spectral MD Holdings, Ltd. (AIM: SMD), a
predictive analytics company that develops proprietary AI algorithms and
optical technology for faster and more accurate treatment decisions in wound
care, announces that it has granted share options ("Options") to acquire
1,000,000 ordinary shares with a par value $0.001 per share ("Ordinary
Shares") to Mr. Nils Windler, a Person Discharging Managerial Responsibilities
("PDMR"), in connection with his recent appointment as Chief Financial Officer
and pursuant to the terms of his employment agreement.  All Options are
granted under the 2018 Long Term Incentive Plan, will vest pro-rata 6/36(th)
on the last day of the month following his 180 day anniversary with the
Company, and in thirty (30) equal tranches on the last day of each calendar
month during the continued period of his employment such that the Options will
vest and be exercisable with respect to 100% of the Options as of the three
year anniversary of the Date of Grant, and expire after 10 years:

 

 Name and Title     Options granted  Date of Grant      Exercise price  Vesting period
 Nils Windler, CFO  1,000,000        December 17, 2021  38.5p           Over 3 years

 

In addition, the Company announces the following revisions to the terms of
option grants previously provided to Mr. Wan Lung Eng, previously Chief
Financial Officer, in connection with his departure from the Company: On 31
January 2022, 145,000 unvested share options will become fully vested and
exercisable, subject to the terms of Mr. Eng's Orderly Market Agreement; Mr.
Eng will not sell or transfer any Company stock before 31 December 2022
without prior written consent of the Company; and the exercise period for all
option grants vested under the terms of the 2018 Long Term Incentive Plan
(which totals 395,000 including those set forth above) is extended until 31
December 2022.

 

Mr. Marc Dudek, previously head of corporate and business development, has
resigned his position from the Company to pursue other opportunities and the
Company wishes him the best in his future endeavours.

 

 For further information, please contact:

 Spectral MD Holdings, Ltd.                                                                          https://investors.spectralmd.com/ (https://investors.spectralmd.com/)
 Wensheng Fan, Chief Executive Officer                                                               via Walbrook PR

 Nils Windler, Chief Financial Officer

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

 Vadim Alexandre/Rob Rees (Sales and Corporate Broking)

 Stifel Nicolaus Europe Limited (Joint Broker)                                                       +44 (0) 20 7710 7600
 Charles Hoare / Ben Maddison / Will Palmer-Brown

 Walbrook PR Ltd (Media & Investor Relations)      +44 (0)20 7933 8780 or spectralMD@walbrookpr.com
 Paul McManus/Sam Allen                                                     +44 (0)79 8054 1893/ +44 (0)75 0255 8258

 Alice Woodings                                                             +44 (0)74 0780 4654

 

About Spectral MD

 

Using its DeepView(®) Wound Imaging Solution, an internally developed AI
technology and multispectral imaging solution that has received FDA
Breakthrough Designation for the burn indication, Spectral MD is able to
distinguish between non-healing and healing human tissue invisible to the
naked eye. In its ongoing clinical trials, Spectral MD is studying its ability
to provide 'Day One' healing assessments for burn wounds and diabetic foot
ulcers with other applications being explored.

 

Spectral MD has to date received substantial support from the U.S. government
with contracts from institutions such as Biomedical Advanced Research and
Development Authority, National Science Foundation, National Institute of
Health and Defense Health Agency in support of the burn application for its
DeepView(®) solution, with total grant funding received to date from all
these organizations of over $93 million, including $40.5 million received in
2021.  This grant funding is non-dilutive to our shareholders and the Company
believes it validates the important nature of our mission and technology. The
Company leverages this funding to support R&D efforts that are applicable
to burn, DFU and potentially other indications where DeepView can play an
important role in Day 1 wound healing assessment.

 

The Company has two principal trading subsidiaries, Spectral MD, Inc. and
Spectral MD UK Limited.

 

DeepView(®)

DeepView(®) is a predictive analytics platform that integrates proprietary AI
algorithms and advanced optical technology for wound healing predictions. It
is non-invasive, non-radiation, non-laser and does not require the use of
injectable dye. This integration can be characterised into four distinct
components: DeepView(®) imaging, data extraction, AI model building and AI
wound healing prediction.

 

·    The DeepView(®) imaging technology consists of patented,
proprietary, multi-spectral optics and sensors that can classify wound tissue
physiology and capture the viability of various biomarkers within the skin.
The imaging technology extracts appropriate clinical data, processes the
image, and displays a comparison of the original image next to an image with a
colour overlay of the non-healing portions of the wound. The image acquisition
takes 0.2 seconds, and the output takes approximately 20 to 25 seconds.

·    The DeepView(®) data extraction consists of proprietary optics that
are able to collect millions of data points from each raw image. This
information is then used to build and continually improve the AI model, which
is trained and tested against a proprietary database of more than 66.7 billion
pixels with an ever-growing input of clinically validated data points.

·    The AI algorithm then produces a predictive wound healing assessment
in the form of an objective, accurate, and immediate binary wound healing
prediction. This prediction is graphically represented to the clinician
through a coloured overlay of the original image that annotates the
non-healing portion of the wound.

 

DeepView(®) is designed to allow clinicians to make a more accurate, timely
and informed decision regarding the treatment of the patient's wound. In the
case of DFUs, a non-healing assessment would provide the clinician with the
appropriate justification to use an advanced wound care therapy on 'Day One'
as opposed to waiting 30 days and potentially losing the patient to lack of
patient follow-up or risking patient noncompliance with standard wound
therapy. For burn wounds, the clinician can make an immediate and objective
determination to identify appropriate candidates for surgery as well as
determining what specific areas of the burn wound will require skin grafting.
In clinical research to date, DeepView(®)'s accuracy for determining the
healing potential of burn wounds has been 92  percent in adults and 88
percent in children, compared with current physician accuracy of 50 to 70
percent. The current clinical accuracy of DeepView(®) is 83 percent for DFUs.
Both of these accuracy percentages are expected to increase with additional
R&D efforts, including clinical studies.

 

Spectral MD's products are currently in the research and development phase.
The safety and efficacy of Spectral MD's products have not yet been evaluated
by the applicable regulatory authorities and are not at this time approved,
cleared, marketed, or available for sale or reimbursement in any market.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

 1.    Details of the person discharging managerial responsibilities / person closely
       associated
 a)    Name                                                         Nils Windler
 2.    Reason for the Notification
 a)    Position/status                                              CFO
 b)    Initial notification/Amendment                               Initial notification
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name                                                         Spectral MD Holdings, Ltd
 b)    LEI                                                          213800VXW1FVGWTCKL44
 4.    Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the Financial instrument, type of instrument  Common Stock of US$0.001 each
       Identification code                                          USU8457V1099
 b)    Nature of the transaction                                    Issue of Options
 c)    Price(s) and volume(s)

Price(s)  Volume(s)
                                                                    38.5p      1,000,000
 d)    Aggregated information:

Price(s)  Volume(s)
       -  Aggregated volume                                          38.5p     1,000,000

       -  Price
 e)    Date of the transaction                                      17 December 2021
 f)    Place of the transaction                                     Outside a trading venue

d)

Aggregated information:

-  Aggregated volume

-  Price

 

 Price(s)  Volume(s)
  38.5p     1,000,000

e)

Date of the transaction

17 December 2021

f)

Place of the transaction

Outside a trading venue

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFFDFALIFIL