Dallas-based artificial intelligence company Spectral AI Inc. announced that Paul Chadwick has been appointed executive vice president of its United Kingdom subsidiary.
Spectral focuses on medical diagnostics for faster and more accurate treatment decisions in wound care.
Chadwick is an experienced clinical scientist and wound care key opinion leader with an impressive body of work including a substantial and impactful publication record, particularly in the domain of diabetic wound management, the company said.
Spectral said he will be responsible for the international market expansion of its DeepView wound imaging technology in the United Kingdom, Europe, Middle East, and Africa (EMEA), all of which are geographic areas where Chadwick has extensive clinical networks, significant experience, and has enjoyed previous successes.
“Paul brings over fifteen years of invaluable expertise in the medical devices and technology sectors to our team. The Royal College of Podiatry is an extremely prestigious and important organization where Paul most recently served for over six years in senior executive capacities, including CEO. We are highly confident that his addition will significantly enhance our efforts in advancing the widespread adoption of the DeepView System,” COO Niko Pagoulatos said in a statement. “Spectral AI continues to strengthen its leadership team and Paul’s experience in diabetic foot ulcers and clinical wound management will contribute to our growth and enhance our capacity to innovate.”
‘The future of wound healing management’
Spectral said that Chadwick’s career journey stretches across clinical, academic, and business disciplines.
It said that in his previous roles at the Royal College of Podiatry, Chadwick led all the clinical, educational, and financial aspects of the organization.
He also held multiple leadership positions such as consultant podiatrist at The National Health Service, and managing director at Curativo Wound Care Consultancy, where he has served companies such as 3M, Molnlycke Health Care, Smith & Nephew, Advancis, Thornton & Ross, Essity and many others.
Spectral said that Chadwick fulfills critical roles on advisory boards and exemplifies best practices in the field in his capacity as a prominent authority in wound care.
Furthermore, Chadwick generously imparts his knowledge as an adjunct professor at Birmingham City University, where he teaches in the Health and Life Sciences Department.
“Coming from a traditional wound care background with an emphasis on DFU and other chronic wounds and having collaborated with leading commercial organizations in the wound care arena at a national and global level, with a focus on EMEA, I am delighted to contribute to Spectral AI’s mission and success, and I believe that the DeepView System represents the future of wound healing management,” Chadwick said. “As we move forward, this technology has the potential to transform patient wound care at multiple levels.”
Chadwick earned his Ph.D. with a thesis on aspects of painful diabetic neuropathy at the University of Salford. He earned his M.Sc. with a focus on foot ulceration from Manchester Metropolitan University and holds an undergraduate degree in Science Honors from the University of Brighton.
New to Nasdaq
Spectral AI focuses on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers.
It said it is working to revolutionize the management of wound care by “Seeing the Unknown®” with its DeepView System, a predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention.
The AI medtech firm went public in September, Spectral AI Ltd., trading on Nasdaq under the ticker symbol MDAI after merging with Rosecliff Acquisition Corp I, a special purpose acquisition company (SPAC) based in New York.
The deal took Spectral AI public, delisting it from the London Stock Exchange, where it first went public in 2021.
The company’s DeepView SnapShot Wound Imaging System is a step closer to selling its device in the U.S. and U.K. Earlier this month, Spectral announced that its DeepView SnapShot Wound Imaging System is now UK Conformity Assessed-marked for use in the United Kingdom and has received Class 1 medical device classification with the United States Food and Drug Administration. The devices have been shipped to U.K. burn centers for evaluation, the company said.
The UKCA marking is a product certification system by the UK government for products sold in England, Wales, and Scotland.
Contract awards, revenue, and the promise of DeepView
According to another news release, Spectral AI said it has secured its largest contract to date from the U.S. government, an award exceeding $149 million. The contract boosts its total U.S. government awards accrued by the company since 2019 to more than $246 million, the company said. Armed with the contract, Spectral AI has announced having “far greater visibility into its research and development revenues for 2023 and 2024.”
The company also gave insight to its regulatory roadmap. Spectral AI plans to submit applications for FDA, UKCA, and CE mark approval for the DeepView Diabetic Foot Ulcer (DFU) indication, alongside 3D wound measurement capabilities in 2024, contingent on the completion of ongoing studies.
On the financial front, Spectral AI offered a glimpse into its revenue expectations for the upcoming fiscal years. The company anticipates research & development revenue for 2023 to be around $17.4 million, with a projection of roughly $28 million for FY2024.
The company is focused on the commercialization and ongoing development of its AI-Driven DeepView Wound Imaging Technology, especially for diabetic foot ulcers (DFU), burns, and other related indications.
Wensheng Fan, CEO of Spectral AI, said, “We are on the cusp of delivering a distinct, cutting-edge AI-driven wound healing assessment platform with the potential to significantly improve the current standard of care across multiple indications.”
The CEO highlighted the potential of DeepView particularly for DFU, noting an estimated $11 billion market, that Fan said is “in dire need of a solution.”
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