Spectral Medical Announces Appointment of Blair McInnis as CFO

TORONTO, March 21, 2022 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late stage theranostic company advancing therapeutic options for sepsis and septic shock, as well as commercializing a new proprietary platform targeting the renal replacement therapy market through its wholly-owned subsidiary Dialco Medical Inc. (Dialco), today announced the appointment of Blair McInnis as Chief Financial Officer, effective April 4, 2022. Mr. McInnis assumes the role of Chief Financial Officer from Chris Seto, who will continue as Chief Executive Officer of the Company.

Mr. McInnis brings 15 years of corporate finance and reporting experience. Most recently, he served as Vice President Finance at SMTC Corporation, a provider of global electronics manufacturing services with annualized revenues in excess of $450 million, where he managed financial reporting, budgeting, treasury management and forecasting for the organization. During his tenure, he helped oversee the financial aspects of the acquisition and privatization of the Company by H.I.G. Capital, a leading global private equity firm, prior to which, SMTC was listed on Nasdaq. Before joining in SMTC in 2013, Mr. McInnis served as Assurance Manager at Ernst & Young LLP, where he managed audits of both private and public companies, and serviced a broad range of industries including healthcare, manufacturing, logistics, telecommunications, and more. He is a Certified Public Accountant and earned his Bachelor of Commerce from Laurentian University in 2007.

Chris Seto, CEO of Spectral, commented, “I am delighted to welcome Blair to the senior management team. He brings an impressive track record across corporate finance, capital markets, M&A, budgeting, and compliance, as well as experience with Nasdaq listed companies. We look forward to his contributions as we prepare for our next phase of growth, including advancement of our PMX platform, as well as our SAMI and DIMI devices. Moreover, we believe his appointment further illustrates our continued commitment to careful management of expenses and maintaining the highest levels of corporate governance.”

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 340,000 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., is also commercializing a new set of proprietary platforms addressing renal replacement therapy (“RRT”) across the dialysis spectrum. SAMI is targeting the acute RRT market, while DIMI is targeting the chronic RRT market. Dialco is currently pursuing regulatory approval for U.S. in-home use of DIMI, which is based on the same RRT platform as SAMI, but will be intended for home hemodialysis use. DIMI recently received its FDA 510k clearance for use in hospital and clinical settings, and obtained its Health Canada license for use within Canadian hospitals, clinics and in home.

Spectral is listed on the Toronto Stock Exchange under the symbol EDT. For more information, please visit www.spectraldx.com.

Forward-looking statement

Informationinthisnewsreleasethatisnotcurrentorhistoricalfactualinformationmayconstituteforward-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 managementaswellasinformationcurrentlyavailabletoit.Whiletheseassumptionswereconsideredreasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results aresubjecttoanumberofrisksanduncertainties,includingtheavailabilityoffundsandresourcestopursueR&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.

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