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Spectral AI Awarded Additional Funding from Medical Technology Enterprise Consortium to Support Ongoing Development of DeepView SnapShot M®
Project Funding Exceeds $7.0 Million DALLAS, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an
About this update from Spectral Ai, Inc.
[{"type":"text","content":"Project Funding Exceeds $7.0 Million\nDALLAS, Sept. 05, 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 received a new award of over $850,000 from the Medical Technology Enterprise Consortium (“MTEC”). This award will support the ongoing development of DeepView SnapShot M®, Spectral AI’s handheld predictive burn wound healing device targeted for use in battlefield assessment that is based on the Company’s AI-driven DeepView™ System platform. The MTEC is a 501(c)(3) biomedical consortium collaborating with the U.S. Army Medical Materiel Development Activity (USAMMDA). Inclusive of this additional award funding, total non-dilutive government funding for DeepView SnapShot M® has exceeded $7.0 million. DeepView SnapShot M® is designed to be an integral part of the triage process by providing a quick and accurate wound assessment so that those with more severe burn injuries can be prioritized for evacuation. The development of this handheld device closely aligns with MTEC’s mission of facilitating prototype advancement of technologies that protect, treat, and optimize the health and performance of U.S. military service personnel. “We are developing DeepView SnapShot M® to address the critical need to deliver portable, rapid, informed, and potentially lifesaving diagnoses in combat zones and military hospitals,” said Peter M. Carlson, Chief Executive Officer of Spectral AI. “The development of this device reflects the platform nature of our DeepView™ System, its robust architecture, and a broad range of potential applications across diverse environments.” Mr. Carlson continued, “We are grateful for the continuing support of our government partners and for the collaborative nature of our relationships with clinicians who are evaluating the device. By gathering and applying their real-world usage feedback, we can make iterative improvements that support the pathway from product development to commercialization.” Spectral AI’s DeepView™ System is a predictive device that offers clinicians an immediate and objective assessment of a burn wound’s healing potential prior to treatment or other medical intervention. The image processing alg...