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 spectral@shorecrestgroup.com.
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.
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 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.
