TORONTO, Feb. 24, 2014 /CNW/ -Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) (the "Corporation") today announced that its board of directors has approved an extension
of the expiry date of the outstanding 24,375,000 common share purchase
warrants and 731,250 broker warrants of the Corporation (collectively,
the "Warrants") from March 2, 2014 to September 2, 2014. The exercise price of the
Warrants remains unamended at $0.60 and no other changes were made to
the terms of the Warrants. The Warrants were issued in connection with
a previous financing of the Corporation.
The conditional approval of the TSX has been obtained for the extension
of the Warrants, subject in the case of the 7,552,644 Warrants held by
insiders of the Corporation, to the approval of disinterested
shareholders of the Corporation ("Shareholders") at the next annual and special meeting of Shareholders expected to be
held on May 27, 2014. The 17,553,606 Warrants held by non-insiders are
not subject to the approval of Shareholders and will continue to be
exercisable after their original expiry date from March 10, 2014 (being
the expiry of the 10 day notice period mandated by the TSX) until
September 2, 2014. The extension of the Warrants is also subject to
the Corporation satisfying the customary conditions specified in the
TSX conditional approval letter.
The board of directors of the Corporation approved the extension of the
expiry date of the Warrants following the recent announcement by the
Corporation that the Data Safety Monitoring Board has recommended
continuation of the Corporation's EUPHRATES trial and requested that
the contract research organization conduct some additional analysis
before it provides further guidance to the Corporation. That analysis
is in process but has not yet been completed.
About Spectral Diagnostics
Spectral is a Phase III company seeking U.S. FDA approval for its lead
theranostics product (Toraymyxin) for the treatment of septic shock.
Toraymyxin is a therapeutic hemoperfusion device that removes
endotoxin, which can cause sepsis, from the bloodstream. Directed by
the Company's Endotoxin Activity Assay (EAA™), the only FDA-cleared
diagnostic for the risk of developing sepsis, Spectral's EUPHRATES
trial is the world's first theranostics trial in the area of sepsis.
Spectral is listed on the Toronto Stock Exchange under the symbol SDI,
and on the OTC QX under the symbol DIAGF. For more information please
Forward Looking Statement
Information in this news release that is not current or historical
factual information may constitute forward-looking information within
the meaning of securities laws. Implicit in this information,
particularly in respect of the future outlook of Spectral and
anticipated events or results, are assumptions based on beliefs of
Spectral's senior management as well as information currently available
to it. While these assumptions were considered reasonable by Spectral
at the time of preparation, they may prove to be incorrect.
Readers are cautioned that actual results are subject to a number of
risks and uncertainties, including the availability of funds and
resources to pursue R&D projects, the successful and timely completion
of clinical studies, the ability of Spectral to take advantage of
business opportunities in the biomedical industry, the granting of
necessary approvals by regulatory authorities, the ability to
manufacture products and supply the market, as well as general
economic, market and business conditions, and could differ materially
from what is currently expected.
SOURCE: Spectral Diagnostics Inc.
For further information:
Spectral Diagnostics Inc.
Executive Vice President and CFO
416-626-3233 ext. 2200
416-815-0700 ext. 225