Spectral AI Awarded Additional Funding from Medical Technology Enterprise Consortium to Support Ongoing Development of DeepView SnapShot M®
September 05 2024 - 8:00AM
Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the
“Company”), an artificial intelligence (AI) company
focused on medical diagnostics for faster and more accurate
treatment decisions in wound care, today announced that it has
received a new award of over $850,000 from the Medical
Technology Enterprise Consortium (“MTEC”). This award will
support the ongoing development of DeepView SnapShot M®, Spectral
AI’s handheld predictive burn wound healing device targeted for use
in battlefield assessment that is based on the Company’s AI-driven
DeepView™ System platform.
The MTEC is a 501(c)(3) biomedical consortium
collaborating with the U.S. Army Medical Materiel Development
Activity (USAMMDA).
Inclusive of this additional award funding,
total non-dilutive government funding for DeepView SnapShot M® has
exceeded $7.0 million.
DeepView SnapShot M® is designed to be an
integral part of the triage process by providing a quick and
accurate wound assessment so that those with more severe burn
injuries can be prioritized for evacuation. The development of this
handheld device closely aligns with MTEC’s mission of facilitating
prototype advancement of technologies that protect, treat, and
optimize the health and performance of U.S. military service
personnel.
“We are developing DeepView SnapShot M® to
address the critical need to deliver portable, rapid, informed, and
potentially lifesaving diagnoses in combat zones and military
hospitals,” said Peter M. Carlson, Chief Executive Officer of
Spectral AI. “The development of this device reflects the platform
nature of our DeepView™ System, its robust architecture, and a
broad range of potential applications across diverse
environments.”
Mr. Carlson continued, “We are grateful for the
continuing support of our government partners and for the
collaborative nature of our relationships with clinicians who are
evaluating the device. By gathering and applying their real-world
usage feedback, we can make iterative improvements that support the
pathway from product development to commercialization.”
Spectral AI’s DeepView™ System is a predictive
device that offers clinicians an immediate and objective assessment
of a burn wound’s healing potential prior to treatment or other
medical intervention. The image processing algorithm employed by
the DeepView™ System utilizes multispectral imaging that is trained
and tested against a proprietary database of more than 340 billion
clinically validated data points.
About Spectral AI
Spectral AI, Inc. is a Dallas-based predictive
AI company focused on medical diagnostics for faster and more
accurate treatment decisions in wound care, with initial
applications involving patients with burns and diabetic foot
ulcers. The Company is working to revolutionize the management of
wound care by “Seeing the Unknown®” with its DeepView System. The
DeepView System is a predictive device that offers clinicians an
objective and immediate assessment of a wound’s healing potential
prior to treatment or other medical intervention. With
algorithm-driven results and a goal to change the current standard
of care, the DeepView System is expected to provide faster and more
accurate treatment insight towards value care by improving patient
outcomes and reducing healthcare costs. For more information about
the DeepView System, visit www.spectral-ai.com.
About USAMMDAThe U.S. Army
Medical Materiel Development Activity develops, delivers, and
fields critical drugs, vaccines, biologics, devices, and medical
support equipment to protect and preserve the lives of Warfighters
across the globe. USAMMDA project managers guide the development of
medical products for the U.S. Army Medical Department, other U.S.
military services, the Joint Staff, the Defense Health Agency, and
the U.S. Special Operations community. The process takes promising
technology from the Department of Defense, industry, and academia
to U.S. Forces, from the testing required for U.S. Food and Drug
Administration approval or licensing to fielding and sustainment of
the finished product. USAMMDA Project Management Offices will
transition to a Program Executive Office under the Defense Health
Agency, Deputy Assistant Director for Acquisition and
Sustainment.
No official endorsement of third parties or their
products is made or inferred.
Forward Looking
Statements Certain statements made in this release
are “forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995, including statements regarding the
Company’s strategy, plans, objectives, initiatives and financial
outlook. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
Company’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. As such, readers are cautioned not to place undue
reliance on any forward-looking statements.
Investors should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” sections of the Company’s filings with the
SEC, including the Registration Statement and the other documents
filed by the Company. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements.
Investors:The Equity
GroupDevin SullivanManaging
Directordsullivan@equityny.com
Conor RodriguezAnalystcrodriguez@equityny.com
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