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Spectral AI Appoints Dr. J. Michael DiMaio to Board of Directors

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Spectral AI, Inc. appoints Dr. J. Michael DiMaio to its Board of Directors, extending lock-up agreements for major stockholders. Dr. DiMaio brings extensive medical and research expertise to support the company's AI-driven wound imaging technology platform.
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The extension of lock-up agreements by the two largest stockholders of Spectral AI, Inc. is a significant development from a market perspective. It demonstrates a commitment from the major shareholders to not sell their shares for an additional 180 days, which could indicate their confidence in the company's future performance and stability. This action can be interpreted as a positive signal to the market, potentially reducing the likelihood of stock price volatility due to large-scale sell-offs. It may also suggest that the insiders believe the stock is undervalued or that they expect upcoming positive developments that could increase share value.

Furthermore, this lock-up extension provides a window for the company to advance its commercialization efforts for the DeepView™ System without concerns of insider selling impacting stock prices. Investors and analysts often view such lock-up periods as a stabilizing factor for the stock price in the short term, which can be critical during the commercialization phase of new technologies.

Dr. Michael DiMaio's reappointment to the Board of Directors of Spectral AI, Inc. brings a wealth of clinical and research experience that is directly relevant to the company's focus on medical diagnostics in wound care. His background in cardiothoracic surgery and his involvement in clinical trials that led to FDA approvals of medical drugs and devices provide a strong foundation for guiding the company's strategic direction. His expertise could be particularly beneficial in navigating the regulatory pathways and enhancing the credibility of the company's AI-driven wound imaging and assessment technology platform.

Given his active role in overseeing a large number of clinical trials, Dr. DiMaio's insights could be instrumental in the ongoing development and potential expansion of indications for the DeepView™ System. His understanding of the unmet clinical needs and the healthcare landscape can contribute to the company's ability to position its technology effectively within the market, which is crucial for long-term success.

The strategic appointment of Dr. DiMaio to Spectral AI's Board and the lock-up agreement extension by the two largest shareholders are likely to be viewed favorably by investors, as they suggest a strong alignment of interests between the company's leadership and its major investors. The lock-up extension, in particular, may provide stability to the company's share price in the near term, which is beneficial for current and potential investors.

Investors will also be interested in the potential financial impact of the DeepView™ System's commercialization. The success of this system could lead to new revenue streams and market opportunities for Spectral AI. However, it's important to consider the costs associated with the commercialization process, potential competition in the market and the execution risks that come with the introduction of new medical technologies. The company's financial health, including cash flow and R&D expenses, will be key factors to monitor as these initiatives progress.

The Company’s two largest stockholders holding approximately 45% of the Company’s outstanding shares have extended their lock-up agreements for an additional 180 days

DALLAS, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on the unmet need for improved medical diagnostics to allow faster and more accurate treatment decisions in wound care, today announces the appointment of Dr. J. Michael DiMaio to its Board of Directors, effective February 7, 2024. Dr. DiMaio joins the Board as a non-executive member to fill the vacancy left by the departure of Mr. Michael Murphy.

Dr. Michael DiMaio is one of the Company’s founders and previously served as the Company’s Chief Executive Officer and Chairman of the Board of Directors from 2011 to 2020. In 2020, he exited his positions with the Company and amicably resolved a dispute that had arisen at that time. He is the Chief of Staff and a practicing board-certified general, cardiac and thoracic surgeon at Baylor Scott & White-The Heart Hospitals, one of the busiest cardiovascular programs in the United States. Currently the hospitals that he oversees are rated with the highest quality scores by the Society of Thoracic Surgeons, Society of Vascular Surgery, and the American College of Cardiology. He supervises more than 650 physicians across six facilities that perform approximately 25,000 cardiovascular procedures annually.

Dr. DiMaio earned his medical degree from the University of Miami and completed his internal medicine, general surgery, and cardiothoracic surgery residencies at Duke University Medical Center and performed research under an NIH-sponsored grant. He has been elected or served as a member on many distinguished medical organizations including the American Surgical Association, Society of Thoracic Surgeons, American College of Surgeons, American Association of Thoracic Surgery, American Heart Association, American Burn Association, International Society of Heart and Lung Transplantation, American Society of Transplant Surgeons, and the Southern Thoracic Surgical Association.

He has authored nearly 500 peer-reviewed publications and abstracts, and directs a research group that has produced over 1000 publications in medical journals that include JAMA, New England Journal of Medicine, Lancet, Science, and Circulation. Dr. Michael DiMaio has served as an editorial board member or reviewer for some the most prestigious medical journals in the world and has served as a grant reviewer for the National Institutes of Health (NIH), the American Heart Association, and the U.S. Department of Defense in an addition to serving on international medical guideline committees.

In clinical trials, he has been the principal investigator for numerous medical drugs and devices that have received FDA approval and commercialization. He has been awarded over $150 million funding from the NIH, the American Heart Association, the National Science Foundation, the U.S. Department of Defense, the Department of Health and Human Services, and the Biomedical Advanced Research Development Authority (BARDA). Currently, he oversees more than 120 clinical trials at the Baylor Scott & White Research Institute and serves as Chairman of the Cardiovascular Research Review Committee for the health care system.

"I am pleased to welcome back Dr. Michael DiMaio to Spectral AI’s Board of Directors," said Richard Cotton, Chairman of the Board of Directors. "Dr. DiMaio’s deep knowledge and application of innovative medical device technologies, decades of direct patient care, and experiences within some of the United States’ preeminent medical systems and current leadership make him uniquely qualified to support the planned commercialization and ongoing development of our DeepView™ System.”

"I have spent a great deal of my career developing technologies that improve patient outcomes while delivering tangible value across the healthcare spectrum and founded this company with the intent to fill the unmet clinical need for a decision-assist device to improve wound care management,” said Dr. DiMaio. “I believe that the Company’s AI-driven wound imaging and assessment technology platform is poised to deliver on those objectives, and I am very pleased to be in a position to help advance this exciting technology towards commercialization of current and future indication developments.”

The Company also announced that Dr. DiMaio and Erich Spangenberg, who together hold approximately 45% of the Company’s outstanding shares, have each agreed to an additional six-month extension of the current lock-up of their outstanding shares pursuant to the Registration Rights/Lock-Up Agreement entered into by each of them in connection with the Company’s business combination transaction in September 2023.

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. DeepView® is a predictive diagnostic 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 of substantially exceeding the current standard of care in the future, DeepView® 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 DeepView®, 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.

Contacts

 
Investors 
Equity Group 
Devin SullivanConor Rodriguez
Managing DirectorAnalyst
dsullivan@equityny.comcrodriguez@equityny.com

Media
 
Russo Partners 
David Schull 
(858) 717-2310 
david.schull@russopartnersllc.com 

 


Spectral AI, Inc. announced the appointment of Dr. J. Michael DiMaio to its Board of Directors, effective February 7, 2024.

Dr. J. Michael DiMaio is a practicing board-certified general, cardiac, and thoracic surgeon at Baylor Scott & White-The Heart Hospitals. He holds a medical degree from the University of Miami and has extensive experience in research and clinical trials.

Dr. DiMaio will serve as a non-executive member on the Board of Directors of Spectral AI, Inc., supporting the planned commercialization and ongoing development of the company's DeepView™ System.

The extension of lock-up agreements for major stockholders, including Dr. DiMaio and Erich Spangenberg, demonstrates their commitment to the company and its future growth.
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