Spectral MD Holdings Ltd (AIM:SMD) has appointed a new vice-president of marketing and commercialisation.
It said Christine Marks has 20 years of experience in the field with high growth companies, which will be pivotal as the group rolls out its DeepView AI-driven wound imaging platform.
“Christine will be instrumental in solidifying our marketing and commercialisation strategy as we work towards commercialisation and beyond," said Spectral’s founder and chief executive, Wensheng Fan.
DeepView is an imaging device that can tell with 92% accuracy whether a burn will heal naturally or require surgery.
This is important as it saves time and money – and for the patient, it can prevent a protracted and painful convalescence.
Ultimately, Spectral MD expects DeepView to be incorporated into Project BioShield, which is an American programme to stockpile medical countermeasures in case of a mass casualty event such as 9/11. The Biomedical Advanced Research and Development Authority (BARDA) is a granting contracts such as BioShield, which broker SP Angel reckons could be worth as much as US$400mln (£308mln) in revenues by 2027.
It is also looking to use the technology to help assess diabetic foot ulcers, wounds that are often slow to heal and need to be dressed regularly.
So far, the device has been honed to 84% accuracy, although this figure may improve over time. Next year it expects to launch a DFU validation study, after which it hopes to receive regulatory clearance.
The scale of the potential market is huge. The cost of diabetes in the US alone is put at US$237bn. Around 30% of these costs are associated with care for diabetic foot disease.
For the DFU indication, the company estimates there are over 57,000 sites that DeepView could be placed in the US with 20,000 sites within the EU and UK. The group is expecting to book its first US sales in the fourth quarter of next year and UK and EU sales in the second half of 2023.