TORONTO, CANADA - April 15, 2021 - Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late stage theranostic company advancing therapeutic options for sepsis and septic shock, as well as commercializing a new proprietary platform targeting the renal replacement therapy market through its wholly-owned subsidiary Dialco Medical Inc. (
“Dialco”),
today announced that over the course of the last month the Company has received approximately $3.0 million in gross proceeds from the exercise of 6,669,830 share purchase warrants, which entitled the warrant holders the right to purchase common shares of Spectral at an exercise price of $0.45 until
April 20, 2021.
As a reminder, the Company issued these share purchase warrants in connection with its financing that closed on
April 23, 2018, with each warrant entitling the holder the right to purchase one common share of the Company at an exercise price of $0.45 per share for a three-year period ending
April 20, 2021 (the “
April 2018 Warrants”). The Company also issued certain other share purchase warrants in connection with its financing that closed
June 18, 2020, with each such warrant entitling the holder the right to purchase one common share of the Company at an exercise price of $0.75 per share for a two-year period ending
June 18, 2022 (the “
June 2020 Warrants”).
A total of 802,501
April 2018 Warrants remain outstanding and a total of 4,760,000
June 2020 Warrants remain outstanding.
As a result of the recent exercises of warrants, the Company has 243,425,575 total shares outstanding as at
April 14, 2021.
“The warrant exercises strengthen our balance sheet and show a vote of confidence in Spectral’s business model and our future growth prospects,” said Chris Seto, CEO of Spectral. “We are thankful to our investors and welcome this exercise of warrants which provides us with additional capital to continue to pursue our business plan.”
About Spectral Spectral is a Phase III company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ (
“PMX”). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by the Company’s Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis.
PMX is approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 300,000 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 330,000 patients are diagnosed with severe sepsis and septic shock in North America each year.
Spectral, through its wholly owned subsidiary, Dialco Medical Inc., is also commercializing a new set of proprietary platforms addressing renal replacement therapy (
“RRT”) across the dialysis spectrum. “SAMI” is targeting the acute RRT market, while “DIMI” is targeting the chronic RRT market. Dialco is currently pursuing regulatory approval for U.S. in-home use of “DIMI”, which is based on the same RRT platform as “SAMI”, but will be intended for home hemodialysis use. “DIMI” recently received its FDA 510k clearance for use in hospital and clinical settings, and obtained its Health Canada license for use within Canadian hospitals, clinics and in home.
Spectral is listed on the Toronto Stock Exchange under the symbol EDT. For more information, please visit
www.spectraldx.com.