From GlobeNewswire: 2024-05-13 07:30:00

Spectral Medical Inc. has enrolled 106 patients in their Tigris trial out of the 150 total patients target, with hopes of completing enrollment soon. The company’s recent financial results show progress and funding potential to advance the trial towards FDA submission and approval, significantly impacting sepsis mortality rates.

Baxter exercised its exclusive distribution rights for PMX products in the U.S. and Canada, paying Spectral a non-dilutive milestone payment. Additionally, the initial term of their commercial partnership has been extended to ten years post-FDA approval of PMX, aiming for a mutually beneficial collaboration to maximize commercial economics.

Spectral Medical has secured funding through a bought deal private placement of convertible notes for gross proceeds of $8,500,000, which will support the completion of Tigris trial enrollment. The company’s financial review for the first quarter of 2024 shows increased revenue and operating expenses due to clinical development and regulatory program costs in preparation for potential FDA approval of PMX.

With the significant progress in clinical enrollment activities and financial stability, Spectral is on track to accelerate the Tigris trial towards completion by late 2024 to early 2025. The potential FDA approval of PMX, with continued support from Baxter, could lead to a major breakthrough in reducing sepsis mortality rates and improving patient outcomes.



Read more at GlobeNewswire:: Spectral Medical Announces First Quarter Results and