Spectral Medical Announces the Appointment of Chief Financial Officer
February 01 2018 - 7:00AM
Spectral Medical Inc., (TSX:EDT), a Phase III
company developing a treatment for patients with endotoxemic septic
shock, today announced that Richard Wieland II has been appointed
as interim CFO.
Richard has deep experience in the Life Sciences sector. He has
conducted over twenty capital transactions raising more than
USD$830 million and has completed eleven M/A transactions. His
experience includes many publically traded companies both large and
small. He was previously the CFO of LyphoMed, a pharmaceutical
company, where over an eight-year period the revenues grew by 50%
per year to over USD$225 million, and while there he completed its
acquisition by Fujisawa Pharmaceutical Co. Ltd. for approximately
USD$1 Billion.
“I am very pleased that Richard has joined the management team
of Spectral Medical,” said Dr. Paul Walker, the President and CEO
of Spectral. “This is a very exciting time for our company as the
FDA is in the final stages of reviewing our PMA for the use of the
PMX cartridge for treatment of endotoxemic septic shock. As well,
the recent FDA approval of our state-of-the-art hemodialysis pump,
specifically indicated for critically ill patients, offers new
opportunities for broad commercial activities.”
“Spectral’s pivotal trial of a targeted therapy for septic shock
is a very exciting near term opportunity addressing a very major
unmet medical need and a large commercial market,” said Richard
Wieland. “I’m looking forward to working with the senior management
team and participating in capital market activities and potential
partnering interactions going forward.”
About Spectral Medical
Spectral Medical is a Phase III company seeking
U.S. FDA approval for its unique product for the treatment of
patients with endotoxemic septic shock, Toraymyxin™ (‘PMX”).
PMX is a therapeutic hemoperfusion device that removes endotoxin,
which can cause sepsis, from the bloodstream.
PMX has been approved for therapeutic use in
Japan and Europe, and has been used safely and effectively on more
than 150,000 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 350,000 patients are
diagnosed with severe sepsis and 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
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.
For further information, please contact:
Ali MahdaviCapital Markets & Investor
Relations416-962-3300am@spinnakercmi.com
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