Spectral announces 2008 financial results

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[{"type":"text","content":"\n\n\n\nTORONTO, March 12 /CNW/ - Spectral Diagnostics Inc. (TSX:SDI) today\nannounced its operational highlights and financial results for the fiscal year\nended December 31, 2008.\n\n\n"In 2008, we accomplished several key objectives on our path to\ndelivering an effective treatment for severe sepsis for the U.S. market," said\nDr. Paul Walker, President and CEO of Spectral. "In September, we agreed to\nkey terms with Toray Industries, Inc. (Toray) of Japan to obtain the exclusive\ndevelopment and commercial rights in the U.S. for Toraymyxin(TM), a\ntherapeutic for the treatment of sepsis that removes endotoxin from the\nbloodstream, and which has been used on more than 70,000 patients to date,\nprimarily in Europe and Japan. Together with our proprietary Endotoxin\nActivity Assay (EAA(TM)), used for measuring endotoxin levels in the blood,\nthe combination has demonstrated a dramatic reduction in the mortality of\npatients with severe sepsis compared to standard of care in European trials.\nSpectral's current focus is to seek FDA clearance for the therapeutic\nproduct."\n\n\nHighlights from 2008:\n\n- Agreed to key terms with Toray, in September 2008, to obtain the\n exclusive development and commercial rights in the U.S. for\n Toraymyxin(TM). The Company will now seek FDA clearance for this\n product. The final license and supply agreement with Toray was signed\n subsequent to the year end on March 6, 2009.\n\n- Presented findings showing the clinical effectiveness of EAA(TM) to\n identify patients with elevated endotoxin levels and to guide\n endotoxin reducing strategies at a symposium entitled "Blood\n Purification in the Treatment of Sepsis," at the International Shock\n Congress in Cologne, Germany in June 2008.\n\n- Entered into an exclusive distribution agreement in July 2008 with BB\n Medical, a leading distributor of medical technologies in Russia, for\n Spectral's EAA(TM). Under the terms of the agreement, BB Medical will\n market and sell EAA(TM) throughout the Russian Federation starting in\n 2009.\n\n- Expanded collaboration agreement with Toray in May 2008, gaining\n access to Toray's distributors in new geographic territories\n including China, India, Russia and Canada for the sales and promotion\n of EAA(TM) in combination with Toraymyxin(TM) and as a stand-alone\n product.\n\n- ...

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