$4.0 Million Grant Award from the Medical Technology Enterprise Consortium

Non-Dilutive Funding to Accelerate Development of Artificial Intelligence Driven Handheld DeepView®

LONDON, U.K. AND DALLAS, TX, U.S – Spectral MD Holdings, Ltd. (AIM: SMD), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, announces today that it has received a $4 million award from the Medical Technology Enterprise Consortium (MTEC). The MTEC is a 501(c)(3) biomedical consortium collaborating with the U.S. Army Medical Material Development Activity (USAMMDA). This award will provide non-dilutive funding to support military battlefield burn evaluation via a handheld DeepView®, DeepView SnapShot M.

The funding will build upon work performed initially under an award of $1.1 million from the U.S. Department of Defense and will support the continued development of a fully portable device. The handheld DeepView SnapShot M would enable injuries to be triaged quickly and accurately on the battlefield so that those with more severe burn injuries can be prioritized for evacuation. The development of the 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.

“The unpredictability of severe burn injuries designates this wound type as a complex critical care problem in both military and civilian populations. Military conflict zones are often in remote locations, meaning that an accurate and immediate burn assessment is paramount for effective treatment and appropriate intervention,” remarked Dr. Lauren Palestrini, Ph.D., MTEC Chief Scientific Officer. “Developing the DeepView SnapShot M for remote applications enables medical providers to accurately inform triage, evacuation, and resourcing decisions, contributing to reduced surgical burden, and soldier return-to-duty.”

“We are honored to receive this award to support the military with the continued development of our DeepView® technology, taking overall non-dilutive government funding commitments received to nearly $130 million,” commented Wensheng Fan, CEO of Spectral MD. “This funding will further Spectral MD’s innovation within the burn indication and support the continued development of our handheld digital burn assessment tool. We look forward to partnering with MTEC to advance our AI-driven diagnostic technology as we work toward FDA submission for the burn indication. Ultimately, we anticipate that our DeepView SnapShot M will transform wound care in many limited-access areas, including first responder, disaster preparedness and acute care emergency settings.”

The views expressed in this news release/article are those of the authors and may not reflect the official policy or position of the U.S. Department of the Army, U.S. Department of Defense, or the U.S. Government.

About Spectral MD

Spectral MD is a predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care for burn, DFU, and future clinical applications.  At Spectral MD, we are a dedicated team of forward-thinkers striving to revolutionize the management of wound care by “Seeing the Unknown”® with our DeepView^® Wound Diagnostics System.  The Company’s DeepView® platform is the only 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 that substantially exceed the current standard of care, Spectral MD’s diagnostic platform is expected to provide faster and more accurate treatment insight, significantly improving patient care and clinical outcomes.  For more information, visit the Company at: www.spectralmd.com.

As announced on April 11, 2023, Spectral MD Holdings has entered into a business combination agreement to combine with Rosecliff Acquisition Corp I (“Rosecliff”, Nasdaq: RCLF), a special purpose acquisition company listed on Nasdaq. 

About U.S. Army Medical Research and Development Command

The U.S. Army Medical Research and Development Command is the Army's medical materiel developer, with responsibility for medical research, development, and acquisition. USAMRDC produces medical solutions for the battlefield with a focus on various areas of biomedical research, including military infectious diseases, combat casualty care, military operational medicine, medical, chemical, and biological defense. https://mrdc.amedd.army.mil/

About MTEC

The Medical Technology Enterprise Consortium is a 501(c)(3) biomedical technology consortium that is internationally dispersed, collaborating with multiple government agencies under a 10-year renewable Other Transaction Agreement with the U.S. Army Medical Research and Development Command. The consortium focuses on the development of medical solutions that protect, treat, and optimize the health and performance of U.S. service members and civilians. To find out more about MTEC, visit mtec-sc.org.

About USAMMDA

The U.S. Army Medical Materiel Development Activity is a subordinate command of the U.S. Army Medical Research and Development Command, under the Army Futures Command. As the premier developer of world-class military medical capabilities, USAMMDA is responsible for developing and delivering critical products designed to protect and preserve the lives of Warfighters across the globe. These products include drugs, vaccines, biologics, devices, and medical support equipment intended to maximize survival of casualties on the battlefield.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.