Spectral AI Reaches 50% Enrollment at Burn Centers for U.S. Pivotal Burn Study
Spectral AI (Nasdaq: MDAI) announced reaching 50% patient enrollment in its U.S. pivotal burn study, with 90 out of a target 240 patients enrolled. The study aims to validate the algorithm of the DeepView™ System, which utilizes AI for rapid and accurate assessment of burn wounds. Expected to complete enrollment by 2025, this trial represents the final step before seeking FDA approval. The DeepView™ System's efficacy will be compared against current clinician assessments. The system's image processing algorithm, trained on over 340 billion data points, is designed to enhance burn care by providing objective assessments to improve patient outcomes and reduce healthcare costs.
- Spectral AI achieved 50% enrollment in its pivotal burn study.
- Target enrollment is 240 patients, including both adults and children.
- The study aims to validate the DeepView™ System’s algorithm.
- Completion of the study is expected by 2025, aiming for FDA approval.
- DeepView™ System's algorithm trained on over 340 billion data points.
- Positive clinical outcomes could improve patient care and reduce healthcare costs.
- Only 90 patients enrolled out of the 240 target, indicating potential delays.
- FDA approval is contingent on the success of the current study.
- Possible risks in the trial could negatively impact stock performance.
Insights
In the context of the healthcare industry, achieving 50% enrollment in a pivotal burn study is a notable milestone. This stage is important for validating the DeepView™ System’s algorithm. The technology applies multispectral imaging to assess burn wound healing potential and its validation against an independent dataset will be vital for FDA approval. This impactful advancement could lead to significant improvements in clinical outcomes, but it needs to be meticulously analyzed.
Short-term, the progress in the trial could positively influence investor sentiment, as it demonstrates ongoing advancements and adherence to regulatory timelines. However, the real potential lies in the long-term. Successful FDA approval and subsequent adoption of the DeepView™ System could revolutionize burn care management. By providing an objective assessment, it can reduce misdiagnoses and ensure timely and appropriate treatment, ultimately enhancing patient outcomes and reducing healthcare costs.
Potential drawbacks include the inherent risks in clinical trials—unexpected adverse outcomes or failure to meet primary endpoints could delay regulatory approval. Additionally, the technology’s acceptance by clinicians will be crucial. Even with FDA approval, adoption can be slow if practitioners are skeptical or find the technology cumbersome.
For retail investors, it's essential to consider the competitive landscape. While Spectral AI’s technology appears promising, evaluating its unique value proposition compared to existing and emerging solutions in wound care is important. Investors should stay informed about trial progress and regulatory updates, as these will be key indicators of the company’s future performance.
From a financial perspective, Spectral AI achieving 50% enrollment in its pivotal study is a solid indicator of forward momentum. The company’s focus on AI-driven medical diagnostics targets a niche yet critical segment within healthcare. Completion of this trial could pave the way for FDA approval, which can significantly impact the company's market position and valuation.
Short-term, this milestone can boost investor confidence, potentially leading to a positive impact on the stock price. It signals that Spectral AI is on track with its strategic goals and regulatory milestones, reducing uncertainty and reinforcing market confidence.
Long-term, the financial implications are more profound. FDA approval could open up substantial revenue streams. The healthcare market prioritizes accuracy and efficiency and technologies that meet these needs can command significant market share. However, investors must be cautious about the costs associated with prolonged clinical trials and regulatory hurdles. Delays or additional requirements from the FDA could lead to increased expenditure and affect profitability.
Retail investors should also note that while the potential for high returns is present, so is the risk. Diversification can mitigate the risks associated with investing in a single company heavily reliant on successful trial outcomes. Monitoring financial reports and staying updated on trial progress will be important for making informed investment decisions.
Total Patient Enrollment of 90 Towards Overall Target of 240
DALLAS, June 06, 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 it has achieved
The completion of the pivotal study will address two primary objectives. First, the study will validate the standalone performance of the DeepView™ System’s algorithm on an independent dataset, further solidifying its objective utility in clinical practice. Second, the study will compare the efficacy of the DeepView™ System's finalized image processing algorithm against existing clinician assessment, as quantified by clinician judgment annotations.
“We are committed to advancing burn care through the implementation of innovative technologies and rigorous clinical research. Our objective is to deliver to healthcare providers the cutting-edge tools they need to enhance their ability to immediately and accurately assess a burn wound’s healing potential,” stated Mary Regan, VP of Medical Affairs at Spectral AI. “We are enthusiastic about the achievement of this enrollment milestone as we aim to demonstrate DeepView’s AI effectiveness in providing accurate wound assessments and timely clinical decision-making for burn injuries.”
“As clinicians, our goal is to provide the best possible care for burn patients, utilizing the latest medical advancements and techniques,” said Dr. Kathleen Romanowski, Principal Investigator at one of the clinical trial sites, the UC Davis Firefighters Burn Institute Regional Burn Center. “DeepView's technology has the potential to significantly enhance our ability to assess burn wounds accurately, leading to improved patient outcomes and quality of life.”
The Company’s DeepView™ System image processing algorithm utilizes multispectral imaging, trained and tested against a proprietary database of more than 340 billion clinically validated data points, to deliver a rapid and objective assessment that aids healthcare providers in assessing the healing potential of a burn wound. The U.S. pivotal study is currently enrolling patients at several leading burn centers in the U.S., with esteemed Principal Investigators overseeing the research.
A list of the burn centers currently enrolled in the Company’s U.S. pivotal study is below.
| U.S. Clinical Trial Sites | Principal Investigator |
| Arizona Burn Center Valleywise Health | Dr. Kevin Foster |
| VCU Health Evans-Haynes Burn Center | Dr. Michael Feldman |
| St Christopher’s Stuart J. Hulnick Burn Center | Dr. Paul Glat |
| UC Davis Firefighters Burn Institute Regional Burn Center | Dr. Kathleen Romanowski |
| Shriners Children's Northern California Neil Reitman Pediatric Burn Institute | Dr. Kathleen Romanowski |
| UW Harborview Regional Burn Center | Dr. Tam Pham |
| University of Kansas Burnett Burn Center | Dr. Dhaval Bhavsar |
| North Carolina Jaycee Burn Center | Dr. Booker King |
| SUNY Stony Brook Burn Center | Dr. Adam Singer |
| Akron Children’s Hospital Burn Institute | Dr. Anjay Khandelwal |
| University of Iowa Burn Treatment Center | Dr. Lucy Wibbemeyer |
| The Ohio State Comprehensive Burn Center | Dr. Nicole Bernal |
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 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, 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.
Contacts:
Investors:
The Equity Group
Devin Sullivan
Managing Director
dsullivan@equityny.com
Conor Rodriguez
Analyst
crodriguez@equityny.com
FAQ
What is the enrollment status of Spectral AI's pivotal burn study?
When is Spectral AI's pivotal burn study expected to be completed?
What is the purpose of Spectral AI's pivotal burn study?
How many data points is DeepView™ System's algorithm trained on?
What will the pivotal burn study compare in terms of efficacy?
What is the stock symbol for Spectral AI?
