Spectral AI Inc (NASDAQ:MDAI) has appointed Erich Spangenberg to lead its health care IP-focused subsidiary, Spectral IP.
Spangenberg, Spectral AI's largest shareholder, brings decades of experience in global IP investment and monetization.
The new Spectral IP CEO is the founder of Sauvegarder Investment Management (SIM). With extensive experience across law, banking, and business, Spangenberg shifted focus to IP investments in 2003, playing key roles in numerous licensing transactions and patent financing totaling billions of dollars.
He leads SIM, which specializes in IP-related financing and investments, operating across jurisdictions with a primary focus on the US, Europe, and Asia.
“I believe Spectral IP represents a significant opportunity to deliver additional value to Spectral AI shareholders,” Spangenberg said in a statement.
“As the largest shareholder and investor in Spectral AI, I plan to utilize my global network and my decades of IP experience to focus on health care IP-related investments and acquisitions.”
Spangenberg expressed confidence in his ability to raise between $5 and $10 million in equity capital for the newly formed entity, which he believes will sufficiently finance Spectral IP for about one year following a potential spin-off transaction.
“Our goal with Spectral IP is to create a health care IP-focused enterprise that potentially provides additional IP protection for the company and unlocks additional value for MDAI shareholders while requiring limited company management resources and no additional capital from the company,” Pete Carlson, CEO of Spectral AI said.
Spangenberg will report to Carlson as he prepares Spectral IP for a potential spin-off.
A Special Committee of the Board of Directors will evaluate contemplated transactions, including a possible partial spin-off transaction of Spectral IP shares to its shareholders.