Spectral Medical Secures US$3 Million Funding to Advance Sepsis Treatment

Spectral Medical ( (TSE:EDT) ) has provided an update.

Spectral Medical Inc. has received a US$3 million Tranche B advance from Vantive US Healthcare LLC, strengthening its balance sheet to support regulatory and commercialization efforts for its sepsis treatment product, Toraymyxin™. This funding, part of a larger US$10 million promissory note, provides Spectral with the necessary resources to meet upcoming milestones, including a U.S. FDA submission, without requiring additional funding, thereby enhancing its operational focus and market positioning.

The most recent analyst rating on (TSE:EDT) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Spectral Medical stock, see the TSE:EDT Stock Forecast page.

Spark’s Take on TSE:EDT Stock

According to Spark, TipRanks’ AI Analyst, TSE:EDT is a Neutral.

Spectral Medical’s overall stock score is primarily influenced by its challenging financial performance, which poses significant risks. However, recent positive corporate events, including promising trial results and progress towards FDA approval, provide potential upside. Technical analysis and valuation factors offer a neutral to slightly negative outlook.

To see Spark’s full report on TSE:EDT stock, click here.

More about Spectral Medical

Spectral Medical Inc. is a late-stage theranostic company focused on developing therapeutic options for sepsis and septic shock. The company is in Phase 3 of seeking U.S. FDA approval for its product Toraymyxin™ (PMX), a hemoperfusion device designed to remove endotoxin from the bloodstream. PMX is already approved in Japan and Europe and has been used in over 360,000 units worldwide. Spectral is listed on the Toronto Stock Exchange under the symbol EDT.

YTD Price Performance: 159.26%

Average Trading Volume: 132,052

Technical Sentiment Signal: Buy

Current Market Cap: C$400.1M

Find detailed analytics on EDT stock on TipRanks’ Stock Analysis page.