Spectral AI Announces Purchases of Over 100,000 Shares by Insiders
Spectral AI announced that its officers and directors purchased approximately 113,000 shares of its common stock in open market transactions on May 10 and May 15, 2024. The company is progressing toward commercializing its AI-driven DeepView™ System, which assesses wound healing potential, with initial applications in burns and diabetic foot ulcers. After receiving UKCA Authorization in February, Spectral AI plans to generate its first commercial product revenue in the second half of 2024. The company continues to advance clinical studies in the US and UK and aims to file additional regulatory submissions in 2024 and 2025. A $150 million multi-year contract from the US Government was awarded in September 2023 for the DeepView™ System's development, contributing to a total of $250 million in non-dilutive support. For Q1 2024, Research & Development revenue rose by 24.6% to $6.3 million, improving the company's cash position to $10.2 million.
- Officers and directors purchased approximately 113,000 shares.
- Received UKCA Authorization for DeepView™ AI®– Burn in February 2024.
- Plans to generate first commercial product revenue in the second half of 2024.
- Awarded a $150 million multi-year contract from the US Government in September 2023.
- Total non-dilutive financial support from the US Government exceeds $250 million.
- Q1 2024 Research & Development revenue rose 24.6% to $6.3 million.
- Improvement in cash position to $10.2 million.
- None.
Insights
The recent purchase of over 100,000 shares of Spectral AI by insiders is a strong vote of confidence in the company's prospects. When insiders buy shares, it often signals that they believe the stock is undervalued or that significant positive developments are on the horizon.
Spectral AI's financial position appears robust, as evidenced by a
From a short-term perspective, the insider buying could drive investor interest, potentially leading to a stock price increase. In the long term, the financial growth and substantial government contracts lay a strong foundation for sustained progress.
The DeepView™ System, Spectral AI's AI-driven predictive medical device for wound care, holds significant promise for improving patient outcomes, especially for burns and diabetic foot ulcers (DFU). The technology provides an immediate and objective assessment of a wound’s healing potential, which can be critical in guiding treatment decisions.
With the recent UKCA Authorization for sales in the UK, Spectral AI is positioned to begin generating commercial revenue in the latter half of 2024. This milestone represents a important step towards broader market acceptance and validation of the technology. Furthermore, the ongoing clinical studies in the U.S. to demonstrate the efficacy of the DeepView™ System indicate a proactive approach to regulatory approvals, potentially expanding its market reach.
The multi-year contract from the US Government valued at up to
Both the short-term market entry in the UK and long-term prospects in the U.S. and other markets illustrate the transformative potential of the technology, paving the way for Spectral AI to become a key player in medical diagnostics.
DALLAS, May 17, 2024 (GLOBE NEWSWIRE) -- 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 several of the Company’s officers and directors acquired approximately 113,000 shares of Spectral AI common stock in open market transactions on May 10, 2024 and May 15, 2024.
The Company continues to make significant strides toward commercializing its proprietary DeepView™ System, an AI-driven predictive medical device that delivers an immediate and objective assessment of a wound’s healing potential. Initial applications involve patients with burns and diabetic foot ulcers (DFU).
In February, the Company received UKCA Authorization to commence sales of its DeepView™ AI®– Burn in the UK. It expects to generate its first commercial product revenue in the second half of 2024. In connection with the UKCA Authorization, the Company has deployed devices at multiple facilities in the UK for evaluation and plans additional deployments through the summer.
The Company continues to advance clinical studies in the U.S. to further demonstrate the efficacy of the DeepView™ System in providing a “Day One” healing assessment of burn wounds and DFU, and remains on track to file additional US and UK regulatory submissions in 2024 and 2025 for the approval of the DeepView™ System.
In September 2023, the Company was awarded a multi-year contract from the US Government valued at up to
For the first quarter ended March 31, 2024, Research & Development revenue rose
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. DeepView® is a predictive medical 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 current standard of care in the future, DeepView® 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 DeepView®, visit www.spectral-ai.com.
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 Group | |
| Devin Sullivan Managing Director dsullivan@equityny.com | Conor Rodriguez Analyst crodriguez@equityny.com |
| Media: Russo Partners David Schull Russo Partners (858) 717-2310 david.schull@russopartnersllc.com | |
FAQ
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