Monday, July 01, 2024
Spectral AI, a leading AI company focused on medical diagnostics for wound care, has been included in the Russell Microcap Index following the annual Russell Reconstitution, effective June 28, 2024.
This inclusion is expected to enhance visibility among investors during a crucial phase for the company.
Highlighted the importance of this milestone, emphasizing their ongoing efforts to commercialize the DeepView System.
This proprietary AI-driven platform provides rapid and objective assessments of wound healing potential, initially targeting burns and diabetic foot ulcers (DFU).
Recent achievements include reaching 50% enrollment at clinical trial sites in burn centers, validating DeepView's algorithm for burn indication. Scheduled for completion in Q4 2024, this pivotal study precedes anticipated FDA approval efforts for burn indication in 2025.
In February, Spectral AI received UKCA Authorization to commence sales of DeepView AI®– Burn in the UK, with initial revenues expected in the second half of 2024.
Deployments across multiple UK facilities are underway, with additional rollouts planned through the summer.
The company continues to advance US clinical trials to validate DeepView's efficacy in providing Day One healing assessments for burns and DFU, with regulatory submissions on track for 2024-2025.
Financially, Q1 2024 saw a 24.6% increase in R&D revenue to $6.3 million, strengthening the company's cash position to $10.2 million.
Spectral AI also secured a significant multi-year contract valued up to $150 million from the US Government for advanced development of the DeepView System in burn care, adding to a total of over $250 million in non-dilutive financial support.
Inclusion in the Russell Microcap Index for one year positions Spectral AI within growth and value style indexes, enhancing its visibility among institutional investors managing approximately $10.5 trillion in assets benchmarked against Russell US indexes.
Source: spectral-ai.com
