TORONTO, Sept. 20 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. today announced the market launch of its EAA(TM) Endotoxin Activity Assay, a rapid diagnostic product for sepsis, in Germany through A. Menarini Diagnostics Deutschland ("Menarini"), a division of the Italian Menarini Group. Sepsis is the third most common cause of death in Germany with 60,000 victims each year. The treatment of severe sepsis consumes about one third of intensive care units' budgets in Germany ((euro) 1.7 billion per year), emphasizing the need for early detection of sepsis.
"The German launch represents a significant milestone in the commercialization of our EAA(TM) rapid sepsis diagnostic and follows several months of extensive research by our partner Menarini," stated Dr. Paul Walker, President & CEO of Spectral. "Germany is the largest healthcare market in the EU and we are quite confident that with Menarini's broad and experienced sales presence we are well positioned to make a successful entry into this market and set the stage for expansion into the rest of Europe in 2008."
Menarini Diagnostics was founded in 1976 as a division of A. Menarini Industrie Farmaceutiche Riunite of Florence, Italy, a multinational healthcare company with annual revenues of more than 2.2 billion Euros, with eleven wholly owned subsidiaries in Austria, Belgium, France, Germany, Greece, Italy, the Netherlands, Portugal, Spain, United Kingdom and Sweden. Menarini Diagnostics had 2005 consolidated revenues of approximately 256 million Euros and currently employs approximately 700 people, 75% of whom are dedicated to marketing, sales, after-sales service and customer care activities.
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral technologies provide 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 West Nile Virus (RapidWN(TM)) and its FDA approved rapid diagnostic for sepsis (EAA(TM)), as well as a range of other biological reagents.
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: At: Spectral Diagnostics Inc., Dr. Paul Walker, President & CEO,(416) 626-3233 ex. 2100