Spectral AI Appoints Erich Spangenberg as Chairman of the Executive Committee of the Board of Directors
27 November 2023 - 2:00PM
Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the
“Company”), an artificial intelligence (AI) company
focused on medical diagnostics for faster and more accurate
treatment decisions in clinical wound care, today announced the
appointment of Erich Spangenberg to the Board of Directors
(“Board”). Mr. Spangenberg will serve as Chairman of the Company’s
Executive Committee as well as the Nominating and Corporate
Governance Committee.
“We are pleased to welcome the return of Erich
to the Board of Directors, where his experience, insights and
network will be an invaluable resource for our company,” said
Wensheng Fan, CEO of Spectral AI. “Erich’s proven expertise is a
cornerstone for our strategic growth, and we look forward to
leveraging his invaluable contributions to guide the company's
future endeavors.”
Mr. Spangenberg was Spectral AI’s initial
outside investor in 2011 and is currently the Company’s largest
shareholder. He served as a member of the Company’s Board from 2012
through October 2022. Erich brings to the Board nearly 40 years of
experience as an entrepreneur, investor, investment banker, and
attorney. He is the Founder and Managing Director at Sauvegarder
Investment Management, a multi-strategy investment firm dedicated
to IP-related financings. Erich is recognized as one of the world’s
top 50 IP strategists and leader in patent monetization.
“My objective is to ensure that the company's
valuation accurately mirrors the noteworthy accomplishments of our
team, particularly the validation evidenced by Spectral AI's
receipt of $251 million in non-dilutive funding from the US
Government, along with our well-defined near and long-term
prospects,” said Mr. Spangenberg. “As a member of the Board and
Chairman of the Executive and Nominating Committees, as well as the
largest shareholder of Spectral AI, I will work with the Board and
executive team to focus on the most impactful ways to maximize near
and long-term shareholder value. In this role, my commitment
involves identifying top-tier executives, crafting an intelligent
financing plan, leading initiatives that further develop
distribution, fostering impactful strategic partnerships, and
articulating a clear and compelling vision, strategy, and value
proposition for the Company; all with the ultimate goal of
reflecting the intrinsic value of the MDAI stock.”
“We are enthusiastic about Erich's new role as
Chairman of the Executive Committee of the Board of Directors,
foreseeing his significant impact in advancing our mission to
delivering improved care through our AI-driven predictive healing
assessment technology,” said Richard Cotton, Non-Executive Chairman
of the Board.
Mr. Spangenberg earned his J.D. at Case Western
Reserve University School of Law. In addition, he holds a M.Sc. in
Economics from The London School of Economics and Political Science
(LSE) and an undergraduate degree in Economics from Skidmore
College.
About Spectral AI
Spectral AI, Inc. is a Dallas-based predictive
AI company focused on medical diagnostics for faster and more
accurate treatment decisions in wound care, with initial
applications involving patients with burns and diabetic foot
ulcers. The Company is working to revolutionize the management of
wound care by “Seeing the Unknown®” with its DeepView® System.
DeepView® is 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.
With algorithm-driven results and a goal of substantially exceeding
the current standard of care in the future, DeepView® is
expected to provide faster and more accurate treatment insight
towards value care by improving patient outcomes and reducing
healthcare costs. For more information about DeepView®,
visit www.spectral-ai.com.
Forward Looking
StatementsCertain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995, including statements regarding the
Company’s strategy, plans, objectives, initiatives and financial
outlook. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
Company’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. As such, readers are cautioned not to place undue
reliance on any forward-looking statements.Investors should
carefully consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” sections of the
Company’s filings with the SEC, including the Registration
Statement and the other documents filed by the Company. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking
statements.
Contacts:
Investors:
The Equity GroupDevin SullivanManaging
Directordsullivan@equityny.com
Conor RodriguezAnalystcrodriguez@equityny.com
Media:Russo PartnersDavid
SchullRusso Partners(858)
717-2310david.schull@russopartnersllc.com
Guillermo Ruiz, M.D., Ph.D.Russo Partners(646)
218-4604guillermo.ruiz@russopartnersllc.com
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