TIDMSMD
RNS Number : 6933O
Spectral MD Holdings, Ltd.
11 October 2021
Spectral MD Holdings, Ltd.
("Spectral MD" or the "Company" or the "Group")
Grant of share options
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 options ("Options") over 250,000 common stock of
US$0.001 each in the Company ("Common Stock ") to four individuals,
including a Director and a Person Discharging Managerial
Responsibilities ("PDMR") as detailed below. 150,000 Options are
granted under the 2018 Long Term Incentive Plan, vest over a 3 year
period from the date of grant, and expire after 10 years. Details
are as follows:
Name Options granted Date of Grant Exercise Vesting period
price
Wensheng Fan, 100,000 October 8, 2021 39 pence 1/3 annually over
CEO 3 years
---------------- ---------------- --------- ------------------
Maria Cadic 25,000 October 8, 2021 39 pence 1/3 annually over
3 years
---------------- ---------------- --------- ------------------
25,000 Options were granted to one employee on the same date and
under the same terms. These grants of Options are related to
performance criteria associated with the successful conclusion of
the recently announced additional funding of US$18.8 million from
the U.S. Biomedical Advanced Research and Development Authority
(BARDA).
On the same date, 100,0000 Options were granted to one employee
pursuant to an Employment Agreement and under the same terms as
stated above, except the vesting period is 1/12(th) quarterly over
3 years from the date of grant.
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. https://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
Using its DeepView(R) 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. Spectral MD currently is
able 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(R) solution,
with total grant funding received to date from all of 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(R)
DeepView(R) 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(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.
-- The DeepView(R) 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(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 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. DeepView(R) 's current accuracy
for determining the healing potential of burn wounds is 91 percent,
compared with current physician accuracy of 50 to 70 percent. The
current clinical accuracy of DeepView(R) is 83 percent for DFUs.
Both of these accuracy percentages are expected to increase with
additional R&D efforts, including clinical studies.
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 1. Wensheng Fan
2. Maria Cadic
------------------------------- ----------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------
a) Position/status 1. CEO
2. Head of Operations, Government
and Regulatory Affairs
------------------------------- ----------------------------------------
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 Common Stock of US$0.001 each
of the Financial
instrument,
type of instrument
Identification USU8457V1099
code
------------------------------- ----------------------------------------
b) Nature of the Issue of Options
transaction
------------------------------- ----------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 1. 39p 100,000
2. 39p 25,000
----------
------------------------------- ----------------------------------------
d) Aggregated Price(s) Volume(s)
information: 39p 125,000
* Aggregated volume ----------
* Price
------------------------------- ----------------------------------------
e) Date of the 8 October 2021
transaction
------------------------------- ----------------------------------------
f) Place of the Outside a trading venue
transaction
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END
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October 11, 2021 09:00 ET (13:00 GMT)
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