TIDMSMD
RNS Number : 9703C
Spectral MD Holdings, Ltd.
24 June 2021
Spectral MD Holdings, Ltd.
("Spectral MD" or the "Company" or the "Group")
Contract Award from US Department of Defense
US$1.1 million awarded to advance Spectral MD's AI wound healing
assessment
technology for use in a far-forward military environment and to
improve portability
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 today
that it has been awarded a 2-year, US$1.1 million Sequential Phase
II Small Business Technology Transfer (STTR) contract ("Contract")
from the Defense Health Agency ("DHA") within the US Department of
Defense ("DoD").
This Contract will support Spectral MD in advancing a new,
multispectral imaging ("MSI") sensor intended to enable the
development of a fully handheld version of DeepView(TM), Spectral
MD's existing AI and MSI technology for early burn wound healing
assessment, in a far-forward military environment. The developments
achieved under this contract will also support the Company's
improvements in portability and ease of use for the assessment of
civilian burn and chronic wound applications such as Diabetic Foot
Ulcers (DFU).
DeepView(TM) combines point-of-care optical imaging analyzed by
artificial intelligence (AI) algorithms to rapidly assess wound
viability in burns and chronic wounds. This Contract will assist
the Company in providing the US military and other users the
possibility of rapidly establishing an appropriate treatment plan
near the site where injuries are sustained, such as the
battlefield, and reduce unnecessary transport of casualties to
brick-and-mortar hospitals. In the civilian setting, there is also
a significant benefit to the patient and cost savings associated
with an accurate and timely predictive wound healing diagnosis.
Spectral MD has previously received STTR Phase I and Phase II
contract awards from the DHA for investigation into its
technology's capabilities in providing real-time feedback to burn
surgeons during burn excision surgery.
Jeff Thatcher, PhD, Chief Scientist at Spectral MD , said:
"These previous DHA STTR awards have been important in the
improvement of MSI technologies in the current DeepView(TM) system.
This new award is expected to follow this trend and fund the
development towards a fully handheld DeepView(TM)."
Wensheng Fan, CEO of Spectral MD, said:
"Working with the US military to enable DeepView's burn
assessment capability in field hospitals is crucial to reaching
wounded soldiers closer to the battlefield. DeepView(TM) is
supported by multiple US federal agencies for both military and
civilian uses. In addition, this development will also directly
benefit the DFU indication by facilitating an expansion into remote
care settings including the potential for home health."
Spectral MD has partnered with Louisiana State University
Medical Science Center to conduct clinical studies for performance
data collection for the new MSI imaging sensor under this STTR
award.
About the Defense Health Agency STTR program
The DHA has a directive to conduct research and development
aimed to deliver, "value to our beneficiary communities by
shepherding innovative materiel and knowledge solutions from
concept through final product development and into the hands of
providers and Warfighters." The Defense Health Agency awards STTR
grants to small businesses with strong research and development
capabilities that partner with research institutions, such as
universities, to develop medical technologies toward
commercialization.
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
Wan Lung Eng, Chief Financial Officer
SP Angel Corporate Finance LLP (NOMAD Tel: +44 (0)20 3470 0470
& BROKER)
Stuart Gledhill/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Rob Rees (Sales & Broking)
Walbrook PR Ltd (Media & Investor Tel: +44 (0)20 7933 8780 or spectralMD@walbrookpr.com
Relations)
Paul McManus/Sam Allen Mob: +44 (0)7980 541 893 / +44 (0)7502
Alice Woodings 558 258
+44 (0)7407 804 654
About Spectral MD Holdings, Ltd. ( www.spectralmd.com)
Using its DeepView(R) Wound Imaging Solution, an internally
developed AI technology and multispectral imaging system which has
designated FDA Breakthrough Device, the Spectral MD 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).
Spectral MD 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(R) system.
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.
DeepView(R)
DeepView(R) is a predictive analytics platform that combines AI
algorithms and medical imaging for wound prediction. 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(R) imaging, data extraction, AI model
building and AI wound healing prediction.
-- The DeepView(R) 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.
-- DeepView(R)'s proprietary optics are able to extract millions
of data points or AI model features 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 53 billion pixels with ever-growing
clinically-validated data points.
-- The AI algorithm then produces a wound healing prediction 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(R) 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 physician 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 follow-up or
risking patient noncompliance with standard wound therapy. The
current clinical accuracy of DeepView(R) is 83 per cent. for DFUs.
For burn wounds, the clinician can make an immediate and objective
determination for appropriate candidates for surgery as well as
determining what specific areas of the burn wound will require skin
grafting. DeepView(R)'s current accuracy for burn wounds is 91 per
cent., compared with current physician accuracy of 50 per cent. to
70 per cent. DeepView(R) demonstrates a much higher diagnostic
accuracy for burn wounds and DFUs.
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