Spectral MD Holdings saw its revenues jump by 76% to US$12.3mln in the six months to June 30, 2022, which was all from research grants for its AI-based product development programmes.
The AIM-listed group was recently awarded a further US$8.2mln by the Biomedical Advanced Research and Development Authority (BARDA) to accelerate the commercialisation of its DeepView technology, taking the amount it has received from the US agency to more than US$125mln.
DeepView is a predictive analytics platform that combines AI algorithms and medical imaging to predict the impact of wounds and how they will heal.
Spectral MD said enrolment in its BARDA-funded Burn AI training study hadsreached 145 of the targeted 190 adult subjects (76%) and 25 of the targeted 60 paediatric subjects (41%).
A study using AI to assess diabetic foot ulcers got underway in June this year with 56 of the planned 200 adult subjects now enrolled. This study is taking place across seven potential clinical sites with the data expected to support regulatory submissions in Europe and the US in 2023.
The company's adjusted EBITDA profit for the half year was US$0.2mln (H1 2021: US$0.2mln loss) and its cash on hand was US$15.6mln on June 30, 2022.
In a statement, Wensheng Fan, Spectral MD’s chief executive, commented: "The company has made solid progress in H1 2022 and is on schedule regarding the development of, and clinical studies for, Burn, DFU, and handheld applications."
“With the recent addition of the US$ 8.2 million BARDA contract expansion, we believe that the likelihood of potential federal procurement has increased, with an expedited timeline to award. Over the balance of 2022 and 2023, we will remain focused on completing enrolment in both Burn and DFU clinical studies," he added.