EDMONTON, March 29 / - Medwell Capital Corp. (TSXV: MWC) today announced that the service agreement under which Medwell provides clinical, regulatory and capital markets consulting services to Spectral Diagnostics (TSX: SDI) has been increased to $1.5 million per year, from $1.0 million, effective January 2011, in exchange for an increased level of service.
"We look forward to providing Spectral with additional clinical and regulatory resources, as well as enhancing their IR/PR initiatives as they advance their U.S. phase III clinical trial for Toraymyxin in patients with severe sepsis," said Kevin Giese, President and CEO of Medwell Capital. "Our recent $1.7 million additional investment in Spectral, as announced on March 28, 2011, reflects our confidence in Spectral's technology and the large market opportunity that exists for Spectral in the area of sepsis."
To hear more about Spectral please visit www.medwellcapital.com for a webcast.
About Spectral Diagnostics
Spectral is a Phase III company seeking US FDA approval for its lead theranostics product for the treatment for severe sepsis and septic shock. Toraymyxin 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 first theranostics trial in the area of sepsis.
Toraymyxin has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively in more than 80,000 patients to date. In March, 2009, Spectral obtained the exclusive development and commercial rights in the US for Toraymyxin, and in November, 2010, signed an exclusive distribution agreement for this product in Canada. More than 250,000 patients are diagnosed with severe sepsis and septic shock in North America each year, representing a greater than $1 billion market opportunity for Spectral.
Spectral is listed on the Toronto Stock Exchange under the symbol SDI.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based service provider of capital and advisory services for the healthcare industry. For further information please visit www.medwellcapital.com.
This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information:
Medwell Capital Corporation
416-815-0700 ext. 238