Artificial Intelligence-Driven Predictive Medical Diagnostics Company Spectral MD Announces Closing of Business Combination
Company Renamed “Spectral AI, Ltd.” and Will Commence Trading on Nasdaq Global Market Under the Symbol “MDAI” Effective September 12, 2023
DALLAS, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI; MDAIW) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, announced today that it will commence trading on the Nasdaq Global Market on September 12, 2023 under the ticker “MDAI” following the closing of its previously announced business combination with Rosecliff Acquisition Corp I (“Rosecliff”).
Anchored by its internally developed DeepView® System, Spectral AI’s AI-based digital wound healing assessment in predictive medical diagnostics provides clinicians with an objective and immediate assessment of a wound’s healing potential. Spectral AI has received over $130 million of U.S. Government contracts, including under the U.S. federal mass casualty countermeasures program. The Company has used this funding to develop its burn indication and to expand into diabetic foot ulcers (“DFU”) and anticipated multiple other clinical indications.
“Spectral AI’s debut on the Nasdaq Global Market is a pivotal moment in our journey to address a large and growing unmet medical need in the area of AI-driven wound healing assessment,” said Wensheng Fan, CEO of Spectral AI. “We are making significant strides towards commercializing our DeepView System for burn and DFU - which includes planned FDA, CE Mark, and UKCA submissions beginning in 2023 - while managing a promising pipeline of potential new AI-based diagnostic applications. We believe that our Nasdaq listing will be of significant benefit to our pursuit of these objectives and are more confident than ever in our ability to deploy a technology that plays a pivotal role in transforming patient care and delivers measurable benefits across the healthcare system. We are leveraging MDAI’s profile to retain and attract a seasoned leadership team led by me and includes our Chief Operating Officer Niko Pagoulatos, Ph.D. and General Counsel Vincent Capone.”
“On behalf of the team at Rosecliff, I am thrilled to announce the closing of this transaction,” said Mike Murphy, CEO of Rosecliff and a newly appointed director of Spectral AI. “Wensheng and his team have created a disruptive, scalable, and difficult-to-duplicate AI-based approach to wound healing assessment with demonstrated efficacy. We are excited with the pace of development at Spectral AI and optimistic that the Company’s proprietary and predictive medical diagnostic technology will give rise to a suite of AI-platform indications that deliver value both across the healthcare continuum and to investors.”
AI-Driven DeepView System: Seeing What the Naked Eye Cannot
Spectral AI’s DeepView System integrates proprietary optical technology with AI-enabled algorithms to ee deep below the skin surface to provide a healing potential assessment in seconds by clearly defining healing versus non-healing tissue invisible to the naked eye. DeepView’s output is specifically engineered to allow the physician to make a more accurate, timely and informed decision regarding next step treatment plan for a patient’s wounds.
The Company’s Board of Directors and Strategic Advisory Board are comprised of healthcare and financial industry veterans, with specialties in AI, healthcare technology, population health management, value-based care, clinical care and patient outcomes, life sciences, research, audit and investing.
The transaction was approved at a General Meeting of the stockholders of Spectral MD Holdings, Ltd. (“Spectral MD”) on August 31, 2023 and a Special Meeting of Rosecliff’s stockholders on September 6, 2023. The Company’s warrants will also commence trading on September 12, 2023 under the symbol “MDAIW.”
Reed Smith LLP served as a legal advisor to Spectral AI. Skadden, Arps, Slate, Meagher & Flom, LLP served as a legal advisor to Rosecliff. Cantor Fitzgerald, L.P. and BTIG, LLC served as Spectral AI’s capital markets advisors.
About Spectral AI
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 Rosecliff. 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.
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