Spectral MD Holdings will float on the London Stock Exchange to raise the monies needed for further clinical trials and enter into the UK and European markets.
Among the backers of the Dallas, US-based outfit are the US Biomedical Advanced Research and Development Authority, America’s National Science Foundation, the US National Institutes of Health and the US Defense Health Agency.
According to its boss, Wensheng Fan, the AIM listing will raise the funds needed to finance the clinical trials necessary to obtain regulatory approval for the Diabetic Foot Ulcer (DFU) application, while expanding its UK and European presence.
The company’s Spectral DeepView Wound Imaging Solution uses proprietary algorithms to distinguish between damaged and healthy human tissue which would otherwise be invisible to naked human eye.
Using the company’s optical technology, customers can better provide ‘Day One’ assessments for burn victims and diabetic foot ulcers (DFU).
Spectral had already obtained a Breakthrough Device Designation from the US Food and Drug Administration for the burn indication, but additional studies were needed before the DFU application could be made in the US, UK and EU.
SP Angel had been chosen as the nominated adviser, broker and bookrunner for the placing.
Contracts worth $75.9m had already been signed for the period running from 12 November 2009 to 31 December 2022 “with significant potential future funding that remains to be awarded.”
The shares’ admission to AIM and start of trading was expected in late June.
