Spectral Announces Voting Results of Annual General and Special Meeting and Promotion of Chris Seto to Chief Operating Officer

TORONTO, June 05, 2020 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late stage theranostic company advancing therapeutic options for sepsis and septic shock, today announced that, at the annual general and special meeting (the “Meeting”) of shareholders of the Company (“Shareholders”) that was held yesterday, all five nominees for the board of directors of the Company were elected, the voting results of which are as follows:

Director Votes For
(%)
Votes Withheld
(%)
Paul M. Walker 98.75% 1.25%
Anthony Bihl IIIà 98.09% 1.91%
Kevin Giese 97.40% 2.60%
Jun Hayakawa 98.09% 1.91%
William Stevens 98.09% 1.91%

Full details of the foregoing and results of the Meeting are contained in the Report of Voting Results for the Meeting which will be filed on SEDAR at www.sedar.com.

The Company understands that certain registered Shareholders were unable to log in to the virtual platform and ask questions. To the extent Shareholders have any questions for the Company, such Shareholders are invited to contact Chris Seto or Ali Mahdavi using the contact information provided below.

The Company also announced that in addition to his role as Chief Financial Officer, Chris Seto has been appointed to Chief Operating Officer of Spectral.

Dr. Paul Walker, Spectral’s President and Chief Executive Officer, commented, “I am very pleased today to announce that Chris Seto will assume the role of Chief Operating Officer as well as continuing in his current position as CFO for Spectral, effective immediately. This is a pivotal time for Spectral as we move forward to final development and commercialization of our products and we are making resource allocations to meet these new demands.  Chris has already made significant contributions to Spectral’s financial outlook. He will now take over the day-to-day operations of the Company, and his management experience will further enhance our commercial operations.”

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 has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 200,000 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.(“Dialco”), is also commercializing a new proprietary platform, “SAMI”, targeting the renal replacement therapy (“RRT”) market. Dialco is also seeking regulatory approval for “DIMI” which is based on the same RRT platform, but will be intended for home hemodialysis use.

Spectral is listed on the Toronto Stock Exchange under the symbol EDT. 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, general economic, market and business conditions, as well as other risks and uncertainties which are more fully described in Spectral’s Annual Information Form dated March 26, 2020, and in other filings of Spectral with the securities regulatory authorities which are available at www.sedar.com.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

For further information, please contact:

Dr. Paul Walker
President and CEO
Spectral Medical Inc.
416-626-3233 ext. 2100
pwalker@spectraldx.com
Mr. Chris Seto
CFO & COO
Spectral Medical Inc.
416-626-3233 ext. 2004
cseto@spectraldx.com
Ali Mahdavi
Capital Markets & Investor Relations
416-962-3300
am@spinnakercmi.com

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