16th Jun 2021 17:14
(Alliance News) - Spectral MD Holdings Ltd on Wednesday said it will raise GBP11.3 million through a placing of shares, as part of its AIM float.
The Dallas-based company, founded in 2009, develops artificial intelligence and imaging technology that enables health practitioners to make faster treatment decisions on burn wounds. Its DeepView product has breakthrough device designation status from the US Food & Drug Administration.
Spectral will place 19.1 million shares at a price of 59 pence per share, through a placing in which SP Angel Corporate Finance LLP will act as nominated adviser.
Spectral MD plans to use the proceeds to fund clinical trials to get DeepView approved for treating diabetic foot ulcers, a larger market than burn wounds with more than 415 million diabetes patients worldwide.
The placing is expected to be completed on Tuesday's open next week, following which Spectral MD will have 136.1 million shares issued following admission, giving a market capitalisation of GBP106 million.
By Dayo Laniyan; [email protected]
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