Gowling WLG advises SP Angel on US med-tech company's AIM IPO

2 minute read
05 August 2021

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A team of tech sector and corporate specialists from Gowling WLG has advised SP Angel, who acted as Nomad and sole broker, on Spectral MD Holdings, Ltd's Initial Public Offering (IPO) and placing on the AIM market of the London Stock Exchange.

Spectral is a predictive analytics group that develops proprietary AI algorithms and optical technology for faster treatment decisions in wound care. The Texas based company has raised £11.3 million through an oversubscribed placing. Net proceeds will be used to provide capital for the development of diabetic foot ulcers (DFU) technology, and to build a US distribution network. Spectral is also looking to develop a UK-based EMEA headquarters and build a European presence from which to progress specific European regulatory approvals and subsequently implement its sales strategy to sell its DeepView® Wound Imaging Solution product into various targeted European jurisdiction.

Corporate partner and co-chair of global tech, Davey Brennan, led the Gowling WLG team supported by principal associate Alex Davidson. Davey said: "We are delighted to have supported SP Angel on this transaction. Spectral's placing and IPO will help the expansion of its technology to support patient recovery from life changing injuries worldwide. This is another example of a fantastic US based company choosing to list in London and activity levels in the market continue to grow at pace. The outlook for London's capital markets is extremely encouraging."

Gowling WLG's dedicated Equity Capital Markets group, is recognised as one of the leading practices in London, with a particular emphasis on AIM and investment funds. The team has wide ranging experience, acting for both companies and nominated advisers on IPOs, secondary fundraisings, public takeovers as well as advising on ongoing AIM Rule compliance and corporate governance issues.

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