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Spectral AI Announces Collaboration with Global Wound Care Company PolyNovo to Introduce DeepView System for Burn Indication to Australian Market

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Spectral AI (Nasdaq: MDAI) has signed an MOU with PolyNovo to potentially deploy its DeepView System for burn indication in Australia. The agreement aims for deployment at Royal Adelaide Hospital and The Alfred Hospital in Melbourne under Australia's Special Access Scheme (SAS). Spectral AI’s DeepView System provides clinicians with immediate, objective assessments of burn wounds using a predictive device based on multispectral imaging and a large, clinically validated database. This collaboration seeks to enhance patient care and familiarize Australian clinicians with the DeepView System, leveraging PolyNovo’s established presence in burn wound therapy.

Positive
  • Spectral AI signed an MOU with PolyNovo for potential deployment of DeepView System in Australia.
  • The agreement aims for deployment at Royal Adelaide Hospital and The Alfred Hospital in Melbourne.
  • The DeepView System provides immediate, objective burn wound assessment, enhancing patient care.
  • Collaboration leverages PolyNovo's established presence in burn wound therapy.
Negative
  • None.

Medical innovations in wound care have the potential to significantly enhance patient outcomes by providing more accurate and timely diagnostics. The introduction of Spectral AI's DeepView System, which uses multispectral imaging to assess burn wounds, is a noteworthy development. The collaboration with PolyNovo, a recognized leader in burn treatment, aligns Spectral AI with experienced market stakeholders, potentially easing their entrance into the Australian market.

The DeepView System’s use of a vast, clinically validated database of over 340 billion data points suggests a high degree of precision and reliability. This could lead to faster, more accurate diagnosis of burn wounds, thus improving treatment timelines and patient recovery outcomes.

From a market strategy perspective, this partnership positions Spectral AI favorably in the Australian market. Collaborating with PolyNovo for the Special Access Scheme not only leverages PolyNovo’s established presence but also paves the way for a smoother regulatory process. This strategic move is likely to help Spectral AI gain early traction and market acceptance within Australia, which could later extend to other regions.

Such a partnership also suggests a low-cost market entry approach, utilizing PolyNovo's existing relationships and expertise, thereby potentially reducing initial capital expenditure and risk. Furthermore, the intended use of the DeepView System in leading hospitals like the Royal Adelaide and The Alfred Hospital could establish important clinical endorsements and case studies, which are invaluable for subsequent commercial rollouts.

Financial implications of this collaboration are multifaceted. If the deployment and clinician evaluations are successful, there could be a significant boost in investor confidence, potentially leading to a positive movement in Spectral AI’s stock price. This move can also be seen as an essential step towards future revenue streams from the Australian market. It's important to note that the SAS could expedite the acceptance and use of the DeepView System, thereby shortening the time to market and accelerating potential revenue.

However, investors should also be cautious of the inherent risks, such as regulatory hurdles and the potential for slower-than-expected adoption rates. The effectiveness of the collaboration with PolyNovo and the subsequent clinician feedback will be important to monitor, as any negative results could adversely affect market perceptions.

DALLAS, July 08, 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 signed a Memorandum of Understanding (“MOU”) with global medical device company and burn wound therapy leader PolyNovo Limited (“PolyNovo”) under which the companies will collaborate to assist Spectral AI in a potential limited deployment of its DeepView System for burn indication in Australia.

Under the MOU, PolyNovo will support Spectral AI’s application to the Australian Special Access Scheme (SAS) with an ultimate goal of allowing Spectral AI to deploy up to two DeepView Systems at the Royal Adelaide Hospital and The Alfred Hospital in Melbourne to lay the groundwork for the Company’s eventual commercial roll-out based on clinician evaluations and experiences.  

The SAS was introduced by Australia's Therapeutics Goods Administration in recognition that there are circumstances where patients need access to certain medicines, medical devices, or biologics that are not already included in the Australian Register of Goods.  

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 algorithm employed by the DeepView™ System utilizes multispectral imaging that is trained and tested against a proprietary database of more than 340 billion clinically validated data points. The DeepView™ System is non-invasive and cart-based, allowing for exceptional mobility within the healthcare setting.

PolyNovo develops and sells patented, bioabsorbable, synthetic, polymer technology used to reconstruct complex wounds, including deep dermal and full‐thickness burns, and aid the body in generating new tissue. PolyNovo’s FDA-approved NovoSorb® BTM (Biodegradable Temporising Matrix) and NovoSorb® MTX product portfolio is available in 37 countries around the world.

“PolyNovo’s innovative therapies have proven to be life changing and it is one of the world’s most respected providers of burn treatment solutions,” said Peter M. Carslon, Chief Executive Officer of Spectral AI. “Understanding when it is appropriate to apply these therapies is paramount to realizing improved patient outcomes. We believe that the Day One wound healing assessment provided by the DeepView™ System empowers clinicians with the knowledge to make an informed and rapid diagnosis when time is of the essence. We are honored to work with an established market leader as we take these initial steps to familiarize clinicians in Australia with Spectral AI’s technology, support their life-saving work, and help to elevate the level of patient care.”   

About Spectral AI 

Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by “Seeing the Unknown®” with its DeepView System.  The DeepView System is a predictive device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal to change the current standard of care, the DeepView System is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about the DeepView System, visit www.spectral-ai.com

Forward Looking Statements 
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements. 

Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 

Investors: 
The Equity Group 
Devin Sullivan 
Managing Director 
dsullivan@equityny.com 

Conor Rodriguez 
Analyst 
crodriguez@equityny.com


FAQ

What is the collaboration between Spectral AI and PolyNovo about?

Spectral AI and PolyNovo signed an MOU to potentially deploy Spectral AI's DeepView System for burn indication in Australia.

Which hospitals are involved in the Spectral AI and PolyNovo collaboration?

The collaboration targets deployment at the Royal Adelaide Hospital and The Alfred Hospital in Melbourne.

What is Spectral AI's DeepView System?

The DeepView System is a non-invasive, predictive device that offers immediate and objective assessments of burn wounds using multispectral imaging.

What is the goal of the collaboration between Spectral AI and PolyNovo?

The goal is to enhance patient care by introducing the DeepView System to Australian clinicians under the Special Access Scheme.

When was the collaboration between Spectral AI and PolyNovo announced?

The collaboration was announced on July 8, 2024.

What is the stock symbol for Spectral AI?

Spectral AI's stock symbol is MDAI.

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