TORONTO, Nov. 11, 2011 /CNW/ - Spectral Diagnostics Inc. ("Spectral") (TSX: SDI) announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer
bid for its outstanding common shares (the "Shares"). Pursuant to the notice, Spectral is entitled to purchase up to
2,277,667 Shares, representing 2% of its issued and outstanding Shares during the twelve month period commencing November 15, 2011 and ending
November 14, 2012. There are currently 113,883,394 Shares issued and
outstanding. Under the normal course issuer bid, Spectral may purchase
up to 14,535 Shares on the TSX during any trading day, which represents
25% of the average daily trading volume on the TSX for the most
recently completed six calendar months prior to the TSX's acceptance of
the notice of the normal course issuer bid. This limitation does not
apply to purchases made pursuant to block purchase exemptions.
Purchases will be executed through the facilities of the TSX at market
prices under the normal course issuer bid rules of the TSX.
The actual number of Shares which may be purchased, and the timing of
any such purchases, will be determined by Spectral. All Shares
purchased under the issuer bid will be cancelled. Spectral has not
purchased any of its Shares in the twelve months preceding the date
Spectral believes that the repurchases may enhance liquidity for
shareholders and that ongoing purchases of its outstanding Shares from
time to time at prevailing market prices may be a worthwhile investment
and in the best interest of Spectral and its shareholders.
About Spectral Diagnostics Inc.
Spectral is a Phase III company seeking U.S. FDA approval for its lead
theranostics product for the treatment for severe sepsis and septic
shock. Toraymyxin is a therapeutic hemoperfusion device that removes
endotoxin, which can cause sepsis, from the bloodstream. Directed by
Spectral'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.
Toraymyxin has been approved for therapeutic use in Japan and Europe,
and has been used safely and effectively in more than 80,000 patients
to date. In March 2009, Spectral obtained the exclusive development and
commercial rights in the U.S. for Toraymyxin, and in November 2010,
signed an exclusive distribution agreement for this product in Canada.
More than 250,000 patients are diagnosed with severe sepsis and septic
shock in North America each year, representing a greater than $1
billion market opportunity for Spectral. Spectral is listed on the
Toronto Stock Exchange under the symbol SDI. For further information
please visit www.spectraldx.com.
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 as well as general economic, market
and business conditions, and could differ materially from what is
SOURCE Spectral Diagnostics Inc.
For further information:
| Anthony Businskas |
Executive Vice President
(416) 626-3233 ext. 2200
| Adam Peeler |
416-815-0700 ext. 225