Spectral Medical Announces CFO Departure

TORONTO, Dec. 01, 2023 (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 Blair McInnis has provided notice of his resignation as Chief Financial Officer of the Company, which is effective immediately, to pursue a new opportunity. Mr. McInnis will assist the Company to ensure a smooth transition.

“I would like to thank the Spectral board and my colleagues for the opportunity to serve as the Company’s CFO,” said Blair McInnis. “It has been a privilege to be part of the exciting journey in my tenure at Spectral. I am confident that I will be leaving the Company in good hands with a solid foundation to continue the execution of the Tigris trial.”

“We would like to thank Blair for his leadership and many valuable contributions to our recent successes and wish him the very best in his future endeavors,’ said Chris Seto, President and Chief Executive Officer of Spectral.

Spectral will conduct a formal search process in due course to choose a new Chief Financial Officer. In the interim, Chris Seto will assume the responsibilities of the Chief Financial Officer office with the support of the Vice President of Finance.

Amended Advance Notice By-Law

Spectral also announced that its Board of Directors has amended and updated its advance notice by-law that establishes a framework for the advance notice of nominations of directors of Spectral by shareholders. Among other things, the advance notice by-law establishes deadlines by which shareholders must notify Spectral of nominations of directors prior to a meeting of Spectral shareholders and sets forth the information that must be included with such a nomination and the method by which a nomination must be delivered to Spectral.

The amended and updated advance notice by-law is effective immediately and will be placed before shareholders for approval and ratification at the next annual and special meeting of shareholders expected to be held in the second quarter of 2024.

The full text of the Advance Notice By-law is available under the Company’s profile at www.sedarplus.ca.

About Spectral

Spectral is a Phase 3 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 is 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. In July 2022, the U.S. FDA granted Breakthrough Device Designation for PMX for the treatment of endotoxic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year.

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,includingthe company’s ability to raise capital and the availabilityoffundsandresourcestopursueR&D projects, the recruitment of additional clinical trial sites, the rate of patient enrollment, the successful and timely completion of clinical studies, the success of Baxter’s commercialization efforts, 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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