(Alliance News) - Spectral MD Holdings Ltd started trading on the AIM market of the London Stock Exchange on Tuesday, after raising GBP11.3 million through an oversubscribed initial public offering.
The Dallas-based firm produces predictive analytics, proprietary AI algorithms and imaging systems to assist with medical treatment. Spectral MD's technology, including its DeepView wound imaging system, aims to improve the accuracy and speed at which damaged tissue is identified and treated.
The company raised the funds through the issue of 19.2 million shares at a price of 59 pence each, with SP Angel Corporate Finance LLP acting as nominated adviser, broker and bookrunner.
At the start of trading, Spectral MD had an issued share capital of 136.1 million shares, giving a market capitalisation of GBP80.3 million on admission, based on the placing price.
Shares in Spectral MD were opened at 64.34p Tuesday, up 9.1% from the offer price of 59p.
Net proceeds from the placing of around GBP9.5 million will be used to develop and trial a product that identifies diabetic foot ulcers, meet the necessary regulatory approvals in Europe, expand US distribution and provide the group with working capital.
Chief Executive Wensheng Fan said: "These funds will support further development of our [diabetic foot ulcer] application, build a greater UK and European presence and help the company gain the necessary regulatory approvals to bring the DeepView technology into these markets.
"We are now well funded to develop our [diabetic foot ulcer] technology through to commercial launch, which positions us well in a significant and continually growing market worldwide. Diabetes affects over 30 million people in the US and more than 415 million globally," Fan added.
By Scarlett Butler; scarlettbutler@alliancenews.com
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