TORONTO, Nov. 6 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. today announced that it has entered into an exclusive distribution agreement in Japan with Toray Medical Co. Ltd. for Spectral’s EAA(TM) diagnostic system. Under the terms of the agreement, Toray Medical will market and sell the EAA(TM) Endotoxin Activity Assay for the detection of endotoxemia and the subsequent risk for sepsis in conjunction with its Toraymyxin blood purification device, which removes endotoxin from the bloodstream. Toray Medical will also distribute the EAA(TM) diagnostic as a stand-alone product.
“This new arrangement is a significant expansion of our existing alliance with Toray Medical, which over the past three years has focused on establishing the value of our EAA(TM) diagnostic in combination with Toray’s blood purification device,” said Dr. Paul Walker, President and CEO of Spectral Diagnostics. “This alliance will strengthen our presence in Japan and provide us with access to other Asian countries - a key component in the global commercialization strategy for our rapid EAA(TM) diagnostic test.”
“Toraymyxin is designed to selectively absorb and remove endotoxin from the bloodstream,” said Mr. Motonaga Tanaka, President of Toray Medical Co. Ltd. “By using Spectral’s EAA(TM) diagnostic to measure endotoxin levels in combination with the utilization of our blood purification system, we rapidly identify patients in need of treatment and track their progress on a timely basis leading to better patient care.”
This is the third major distribution agreement for EAA(TM) that Spectral has signed in 2007, establishing a solid foundation for commercialization over the next three years.
About Toraymyxin
Toraymyxin, a blood purification device, absorbs the bacterial toxin (endotoxin) that causes sepsis and septic shock using a special fiber. It consists of a plastic cylindrical container filled with a special fiber composite immobilized with the antibiotic polymyxin B, which has high affinity for endotoxin. In 1993, Toray received approval for manufacturing and marketing of the product from the “Health and Welfare Ministry of Japan,” and Toray Medical has been marketing it since 1994.
About Toray
Toray Medical Co., Ltd. is a subsidiary company of Toray Industries, Inc., a leading diversified chemicals corporate group that has been technology-focused since its foundation in 1926. The company’s operations are underpinned by technological expertise in organic synthetic chemistry, polymer chemistry, and biochemistry. These innovative technologies have yielded “advanced materials” that Toray is now exploiting to provide customers with comprehensive solutions through Fibers and Textiles, Plastics and Chemicals, IT-related Products, Carbon Fiber Composite Materials, Environment and Engineering, Life Science and Other Business divisions. In FY2006, Toray had consolidated sales of 1,546 billion yen (approx $13 billion US), and over 33,000 employees worldwide. For further information, please check www.toray.co.jp.
About Spectral Diagnostics
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral’s technologies provide accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Spectral’s current products include its FDA approved rapid diagnostic for sepsis (EAA(TM)) and its FDA approved rapid diagnostic for West Nile Virus (RapidWN(TM)), as well as a range of biological reagents. Spectral is listed on TSX under the symbol SDI.
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.
CONTACT: Dr. Paul Walker, President & CEO, (416) 626-3233 ex. 2100; James
Smith, Investor Relations, (416) 815-0700 ext. 229, jsmith@equicomgroup.com
