TORONTO, Aug. 13 /CNW/ - Spectral Diagnostics Inc. (TSX:SDI, a company
developing products for the treatment of sepsis, today announced the
appointment of Dr. Michael Cross to the Company's Board of Directors. Dr.
Cross is Vice President of Investments at GrowthWorks Capital, one of Canada's
leading venture capital management companies.
"Dr. Cross will be a valuable addition to the Board, bringing experience
from both the life sciences' industry and the investment perspective," said
Dr. Paul Walker, President and CEO of Spectral. "As a significant shareholder
of Spectral, GrowthWorks' continued support is important as we prepare to
initiate our registration trial for Toraymyxin(TM) in the US and evaluate
different strategic options for this significant commercial opportunity."
Dr. Cross brings more than 20 years of life sciences, venture capital and
biotechnology industry experience to the Spectral Board. At GrowthWorks, he is
responsible for identifying private and public equity investment opportunities
in the life sciences area and he serves on the boards of a number of public
and private life sciences companies. Prior to joining GrowthWorks, Dr. Cross
has held senior management positions at MDS Proteomics, MDS Capital and
About Spectral Diagnostics
Spectral is a leader in the battle against sepsis. Spectral's lead
product is its Endotoxin Activity Assay (EAA(TM)), the only FDA cleared assay
for the measurement of endotoxin. With the growing awareness for the role of
endotoxemia in sepsis and the increasing number of therapies being developed
for this indication, Spectral is well-positioned to drive the adoption of the
EAA(TM), which can be used to identify patients, enable therapeutics and
monitor treatment. In March 2009, Spectral obtained the exclusive development
and commercial rights in the U.S. for Toraymyxin(TM), a therapeutic for the
treatment of sepsis that removes endotoxin from the bloodstream. Spectral will
seek FDA approval for Toraymyxin(TM) and intends to commercialize the product
together with EAA(TM). Spectral is listed on TSX under the symbol SDI.
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.
For further information:
For further information: Dr. Paul Walker, President & CEO, (416)
626-3233 ex. 2100; Casey Gurfinkel, Investor Relations, (416) 815-0700 ext.