TORONTO, April 6 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. , a developer of rapid diagnostic technologies, today announces the appointment of Mr. Edward E. McCormack to its Board of Directors. Mr. McCormack is an independent business consultant. From 1987 to 1999 he was the Senior Vice- President, Chief Financial Officer and a Director of Novopharm Limited, one of North America’s largest generic pharmaceutical product manufacturers. Mr. McCormack was also the President of Almad Investments Limited and Beaver Power Corporation, investment companies associated with Novopharm Limited. Mr. McCormack’s financial background includes specific experience in private placements, bank financing and restructuring, acquisitions and divestitures. He is a member of the Ontario Institute of Chartered Accountants and the former Chairman of the Board and Chairman of the Audit Committee at Hemosol Corp.
We are also pleased to announce the appointment of Mr. Robert Verhagen as Vice-President, Business Development. Mr. Verhagen has over 15 years of business development experience in the pharmaceutical and diagnostics industries, including small cap biotechnology companies and large multi- national corporations. He has had particular success in the completion of product licensing agreements and strategic alliances. Mr. Verhagen will play a significant role in the commercialization of Spectral’s EAA(TM) and the WNV Igm STATus(TM) products, as well as seeking new growth opportunities.
“These two appointments clearly reinforce our commitment to build Spectral’s value”, stated Dr. Paul Walker. “These two very talented individuals will play a key role in the implementation of our business strategy”, added Dr. Walker.
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral provides accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Current products include Spectral’s FDA approved rapid diagnostic for sepsis (the Endotoxin Activity Assay). New products include Spectral’s rapid West Nile Virus (WNV) assay. Spectral manufactures the EAA(TM) and WNV assays. Spectral earns royalties associated with its proprietary reagents. Spectral’s common shares are listed on The Toronto Stock Exchange: 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.
Spectral Diagnostics Inc.
CONTACT: Spectral Diagnostics Inc., Dr. Paul Walker, Chief ExecutiveOfficer, (416) 626-3233
