TORONTO, July 8, 2014 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) (the "Corporation" or "Spectral") today announced that both ISS Proxy Advisory Services and Glass Lewis & Co. have endorsed the previously announced non-brokered private placement of the Corporation of up to $18.2 million (the "Proposed Offering") and recommend that shareholders of Spectral ("Shareholders") vote "FOR" the Proposed Offering at the upcoming special meeting of Shareholders to be held on July 22, 2014.
The Corporation intends to use the net proceeds of the Proposed Offering to fund its EUPHRATES clinical development program for PMX, its lead theranostics product for the treatment of septic shock, and for working capital and general corporate purposes.
The Board unanimously recommends that Shareholders vote FOR the Proposed Offering. Shareholders are encouraged to read the management information circular of the Corporation (the "Circular") dated June 20, 2014 relating to the Proposed Offering and vote their shares before the proxy deposit deadline of 10 am (Toronto time) on July 18, 2014. The Circular was previously mailed to Shareholders and is also available on the Corporation's website at www.spectraldx.com and on SEDAR at www.sedar.com.
Shorecrest Group has been retained as the proxy solicitation agent for the Special Meeting. For questions or assistance, please contact Shorecrest toll-free at 1-888-637-5789, locally at 647-931-7454 or by email at [email protected].
About Spectral Diagnostics
Spectral is a Phase III company seeking U.S. FDA approval for its lead theranostics product for the treatment of severe sepsis with septic shock. PMX 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 most advanced Phase III study in the area of septic shock.
PMX has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 100,000 patients to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada. Approximately 350,000 patients are diagnosed with severe sepsis and septic shock in North America each year, representing a greater than $2 billion market opportunity for Spectral.
Spectral is listed on the Toronto Stock Exchange under the symbol SDI, and on the OTCQX under the symbol DIAGF. For more 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 currently expected.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
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