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Spectral AI Inc is an AI company, focused on predictive medical diagnostics. Spectral is devoting substantially all of its efforts towards the research and development of its DeepView System, an internally developed MSI device that has designated FDA BDD status. Its DeepView System uses proprietary algorithms to distinguish between damaged and healthy human tissue invisible to the naked eye, providing Day One healing assessments in seconds. The Company's output is specifically engineered to allow the physician to make a more accurate, timely, and informed decision regarding the treatment of the patient's wound.
Latest News: DALLAS, April 30, 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 the company received the Commitment to Quality Achievement Award from the Texas Manufacturer Assistance Center (TMAC) for their UKCA Mark Attainment. “Spectral AI is honored to be recognized as an upcoming leader in the Texas Manufacturing space,” said Louis Percoco, Spectral AI’s General Manager. “Our mission is to bring innovation and solutions to wound care through the company’s DeepView™ technology with the utmost quality and a strong manufacturing backbone is vital as we continue driving towards commercialization of the product. We are proud to be part of the local business infrastructure and appreciate the support and recognition for the focus the team brought to the table by the Texas manufacturing community.” TMAC, which is associated with the Manufacturing Extension Partnership (MEP) of the National Institute of Standards and Technology (NIST) aims for Texas manufacturers to achieve profitable growth and increased competitiveness. The non-profit program supports Texas manufacturers by granting business management consulting services, new technologies implementation, operations streamlining, workforce development, and strategic planning. Their services extend beyond manufacturers and also include distribution, logistics, construction, healthcare, and government entities. This award heralds in a new era of quality excellence and leadership for Spectral AI as they move toward product commercialization.
Spectral AI (Nasdaq: MDAI), an AI company specializing in medical diagnostics for wound care, announced its participation in Benzinga’s “AI Unleashed: Exploring the Possibilities” virtual event on May 30, 2024. CEO Peter M. Carlson will represent the company in a fireside chat starting at 11:25 am ET. The event will be live-streamed and accessible through the company's investor portal. This event serves as a platform for Spectral AI to showcase its advancements and future prospects in AI-driven medical diagnostics.
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.
Spectral AI (Nasdaq: MDAI) announced the results of its 2024 Annual Meeting of Stockholders held on May 14, 2024. Key outcomes include the election of six directors to serve until the next Annual Meeting, and the approval of four proposals. Newly elected directors are Richard Cotton, Peter M. Carlson, Dr. J. Michael DiMaio, Martin Mellish, Deepak Sadagopan, and Marion Snyder. Additionally, stockholders ratified the adoption of the 2023 Long Term Incentive Plan, the appointment of KPMG LLP as the company's independent auditor for the 2024 fiscal year, and the reservation and issuance of shares of common stock pursuant to the Standby Equity Purchase Agreement. The Board also expanded to seven members and appointed Erich Spangenberg as a new director, who had previously declined to stand for reelection but accepted the Board’s request to serve.
Spectral AI, Inc. (Nasdaq: MDAI) announced their Q1 2024 financial results, showcasing a $6.3 million Research & Development revenue, cash reserves of $10.2 million, and the deployment of DeepView AI®-Burn devices in the UK with expected commercial revenue in 2H 2024. The company plans further regulatory submissions in the US and UK for the DeepView™ System in 2024 and 2025.
Spectral AI, Inc. (Nasdaq: MDAI) will be participating in the Sidoti Micro-Cap Virtual Investor Conference on May 8-9, 2024. The company focuses on AI for medical diagnostics in wound care. Interested parties can access the live presentation and webcast on the company's website. Registration for the event is free.
Spectral AI, Inc. (Nasdaq: MDAI) received the Commitment to Quality Achievement Award from the Texas Manufacturer Assistance Center for their UKCA Mark Attainment. The award recognizes the company's leadership in the Texas Manufacturing space and their dedication to innovation in wound care through DeepView™ technology. TMAC, associated with MEP-NIST, supports Texas manufacturers with business consulting, technology implementation, workforce development, and strategic planning.
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