MIDAS SHARING TIPS: Diagnosis? Invest in medical technology marvel Spectral MD, which has developed a tool to predict how and if wounds will heal
Wensheng Fan was studying in Beijing when the Tiananmen Square protests broke out in 1989. Soon after, the young Chinese student applied for a scholarship to an American university. He was accepted and has been a proud American citizen ever since.
Today Fan runs Spectral DM , a Texas-based company that has developed a tool to predict how and if wounds will heal. Known as DeepView, it uses medical imaging and sophisticated artificial intelligence to deliver highly accurate diagnoses in less than a second.
The technology was seized by the US government, which has provided Spectral with more than £65 million in funding over the past ten years to research and develop DeepView for use on burn victims, many of whom are suffering horribly from a delay in diagnosis over treatment. Now the government wants to roll out a burn diagnostic tool to hospitals and has asked companies including Spectral to bid for the job.
Convenient: DeepView uses medical imaging and sophisticated artificial intelligence to provide highly accurate diagnoses in less than a second.
Fan has high hopes for success, given Spectral’s relationship with the US government.
But the company is also developing DeepView for use on diabetic foot ulcers, which affect around a quarter of all diabetics and can lead to amputations if left untreated.
Spectral’s technology enables physicians to determine early on whether or not a foot ulcer requires advanced care, saving valuable time and potentially changing lives.
Trials are underway here and in America and commercial sales are expected to follow.
Midas verdict: Several UK companies are considering leaving the London market for America, but US company Spectral has opted to list in London, joining Aim in 2021. At 31p, the shares are set to go a long way. The US government believes in this activity and the market opportunity for DeepView is huge. Buy.
Traded on: AIM Teleprinter: CMS Contact: spectralmd.com or 001 972 499 4934