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 Viventia Biotech.
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.
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