PreMD Provides Corporate Update



    
    -   Plans in place to create value
    -   PREVU(*) appeal to be reviewed by FDA Commissioner's office
    -   Agreement with AstraZeneca terminating
    -   Trading on the Pink Sheets (PREMF.pk)
    

    TORONTO, Sept. 16 /CNW/ - Predictive medicine company PreMD Inc. (TSX:
PMD) today offered a corporate update on the activities of the company and
indicated that an appeal to the U.S. Food and Drug Administration (the "FDA")
regarding the non-approvable decision for the expanded indications for use of
the company's skin cholesterol test will be reviewed by the Commissioner's
Office.
    "We have discussed the issues with the ombudsman for the Commissioner's
office and have been directed to prepare detailed documentation of the issues,
including what we disagree with from the previous appeal and what we want
changed. We expect to have these documents submitted shortly," stated
Dr. Brent Norton, president and CEO of PreMD. "The primary scientific data for
the expansion of the indications for use are based on the PASA clinical study,
the results of which were published in American Journal of Cardiology in April
of this year."
    Dr. Norton continued: "We believe the future is improving for PreMD. We
currently have a plan that allows us to capitalize on our years of work with
skin cholesterol for heart disease detection (PREVU(*)) and our knowledge of
skin to exploit opportunities in the cosmetics field. This includes looking at
revenue generating opportunities for PREVU(*) with companies like Medivon, LLC
as well as others in Canada, the UK and Asia. As well, we continue to advance
our colorectal, lung and breast cancer detection products with significant
clinical trials that are expected to conclude this fall. Part of this plan
requires monetizing various tangible and intangible assets and raising capital
over the short term to fund operations. The Company is in the process of
giving effect to these plans, however, there can be no guarantee that these
actions will be successful."
    "After a very positive relationship over the last 18 months we have
agreed with AstraZeneca Pharmaceuticals LP, to terminate our License,
Development and Supply Agreement. Our relationship is such that I believe
there may still be opportunities with AstraZeneca, especially if our appeal to
the Commissioners Office is successful. However, at this time we need to be
able to go forward with PREVU(*) in the U.S. markets using its already cleared
indications for use. We had been developing certain sales channels in the U.S.
which were halted while we worked with AstraZeneca, now we will be able to
develop these opportunities."
    The company has been advised that its securities are currently trading in
the U.S. on the Pink Sheets, an electronic quotation service for securities
traded over-the-counter, under the stock symbol PREMF.pk. PreMD continues to
trade on the Toronto Stock Exchange (the "TSX") under the stock symbol PMD.

    About PreMD Inc.

    PreMD Inc. is a leader in predictive medicine, dedicated to developing
rapid, non-invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products include PREVU(*) POC and PREVU(*) LT,
both non-invasive skin cholesterol tests. The Company's cancer tests include
ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's head office
is located in Toronto, Ontario and its research and product development
facility is at McMaster University in Hamilton, Ontario. For more information
about PreMD, please visit www.premdinc.com.

    This press release contains forward-looking statements. These statements
involve known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include, among
others, the successful development or marketing of the Company's products, the
competitiveness of the Company's products if successfully commercialized, the
lack of operating profit and availability of funds and resources to pursue R&D
projects, the successful and timely completion of clinical studies, product
liability, reliance on third-party manufacturers, the ability of the Company
to take advantage of business opportunities, uncertainties related to the
regulatory process, and general changes in economic conditions. In addition,
while the Company routinely obtains patents for its products and technology,
the protection offered by the Company's patents and patent applications may be
challenged, invalidated or circumvented by our competitors and there can be no
guarantee of our ability to obtain or maintain patent protection for our
products or product candidates.
    Investors should consult the Company's quarterly and annual filings with
the Canadian and U.S. securities commissions for additional information on
risks and uncertainties relating to the forward-looking statements. Investors
are cautioned not to rely on these forward-looking statements. PreMD is
providing this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or otherwise.

    (*) Trademark

    %SEDAR: 00007927E          %CIK: 0001179083




For further information:

For further information: Brent Norton, President and CEO, Tel: (416)
222-3449, Email: bnorton@premdinc.com; Ron Hosking, Vice President Finance and
CFO, Tel: (416) 222-3449 ext. 24, Email: rhosking@premdinc.com

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PREMD INC.

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