WH Ireland (WHI) has reiterated the risk-based sum-of-the-parts fair valuation of Spectral MD Holdings Ltd (AIM:SMD) of 157p per share.
This equates to a market capitalisation of £214m compared to the valuation of just £41.5m, the broker pointed out.
WHI’s analysis followed Spectral’s progress in developing its technology, DeepView, for use in diabetic foot ulcers (DFUs) and predicting with accuracy their severity.
The artificial intelligence-driven predictive analytics platform is a non-invasive, wound-healing diagnostic that can also be used to assess burns.
Recently, the company announced that it has initiated a European clinical study for the DFU application with the Royal College of Surgeons in Ireland (RCSI) conducted at Connolly Hospital in Dublin.
The evaluation aims to enhance the existing clinical database, develop the DeepView AI algorithm, and support European, UK, and US regulatory submissions.
The assessment is being run in partnership with the RCSI’s, Skin Wounds and Trauma (SWaT) Research Centre by leading clinicians and researchers within the wound healing field.
Data will be collected on patients over a 12-week period, with regulatory submissions anticipated in 2023.
DFU is a significant medical issue, and the standard care pathway involves 30 days of standard wound care.
However, a number of non-specific measurements are used to assess the risk of non-healing or limb loss risk, as well as the 30-day reduction in wound size.
DeepView is being developed to address an annual DFU patient population of over 5 million in the US and Europe, triaging and directing these patients earlier into effective therapies.