Spectral MD Awarded an Additional $8.2M of Funding from BARDA
Summary
LONDON, U.K AND DALLAS, TX, U.S. Spectral MD Holdings, Ltd. (AIM: SMD), a predictive analytics company with proprietary AI and optical technology for faster and more accurate treatment decisions in wound care, announces it has been awarded $8.2 million in additional funding by the US Biomedical Advanced Research and Development Authority (BARDA). The additional funding will further accelerate the commercialization of the Companys DeepView\xae Wound Imaging System (DeepView\xae) by expanding the number of sites for the clinical training study for burn wounds, increasing DeepView\xaes interoperability with health systems electronic health records (EHR), and accelerating the Companys manufacturing readiness.Wensheng Fan, Chief Executive Officer of Spectral MD, said: We are honored to receive this funding to deliver technology assisting with BARDAs preparedness goal to rapidly develop safe, effective medical countermeasures accessible to all Americans. This is an important feature, as US federal and state governments are heavily promoting the adoption of EHRs to improve care quality, safety, efficiency, cost-savings and to reduce health disparities.The award will also significantly increase the Companys DeepView\xae system production readiness in collaboration with its manufacturing partner utilizing validated current Good Manufacturing Practice (cGMP) for scaled production.This project has been supported in whole or in part with federal funds from the Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under Contract number 75A50119C00033. Learn more about BARDA: https://www.medicalcountermeasures.gov/ Funding support for DeepView\xaes use in burn triage and treatment decisions has also been provided by US National Science Foundation (NSF), US National Institutes of Health (NIH) and US Defense Health Agency (DHA).The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (MAR).