Spectral AI Inc (NASDAQ:MDAI) announced that several of its officers and directors acquired approximately 113,000 shares of Spectral AI common stock in open market transactions in May.
These transactions were made publicly and not through private arrangements, which can indicate confidence in the company's future prospects by its leadership.
The acquisitions come as Spectral AI makes significant progress toward commercializing its DeepView System, an AI-driven medical device designed to provide immediate, objective assessments of wound healing potential.
Initially targeting patients with burns and diabetic foot ulcers (DFU), the system aims to enhance treatment decisions and outcomes.
In February, Spectral AI received UKCA Authorization to begin sales of its DeepView AI-Burn in the UK. The company plans to generate its first commercial product revenue in the second half of 2024. Devices have already been deployed at multiple UK facilities for evaluation, with additional deployments planned throughout the summer.
Spectral AI continues to advance clinical studies in the US to validate the DeepView System's efficacy in providing early healing assessments of burn wounds and DFU. The company is on track to file further regulatory submissions in both the US and UK in 2024 and 2025.
In September 2023, Spectral AI secured a multi-year contract worth up to $150 million from the US government for the advanced development of the DeepView System for burn indications. To date, the company has received over $250 million in non-dilutive financial support from the US government.
Earlier in May, Spectral AI reported a 24.6% increase in research and development revenue, reaching $6.3 million. The company’s cash position improved to $10.2 million.