Business
Spectral announces 2009 financial results
Spectral announces 2009 financial results
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 11, 2010 (Canada NewsWire Group) -- /CNW/ -- Spectral Diagnostics Inc. (TSX:SDI) today announced its operational highlights and financial results for the fiscal year ended December 31, 2009.\"This year, Spectral successfully transitioned from a purely diagnostics company, to a theranostics company developing products for the treatment of sepsis, providing a far more significant commercial opportunity for the company and value for our shareholders,\" said Dr. Paul Walker, President and CEO of Spectral. \"We are now beginning a new chapter for Spectral as we prepare to initiate our US pivotal trial for Toraymyxin(TM), a therapeutic hemoperfusion device that removes endotoxin from the bloodstream. Toraymyxin(TM) has the potential to fulfill an unmet need for the approximately 250,000 patients that develop severe sepsis or septic shock in the US each year. With the cash resources now in place and our recent Investigational Device Exemption (IDE) approval from the FDA, we are planning to start the trial in the first half of 2010.\"Highlights subsequent to year end:- IDE approved by the US FDA on February 26, 2010.- Completed private placement for $19.5 million on March 2, 2010.- Appointed Mr. Kevin Giese, President, CEO and Director of BioMSMedical and Mr. Laine Woollard, QC, Senior Legal Counsel of TECEdmonton, to the Company's Board of Directors.Highlights from 2009:- Signed a license agreement with Toray Industries, Inc. of Japangranting Spectral the exclusive development and commercial rights inthe U.S. for Toraymyxin(TM).- Results demonstrating Toraymyxin(TM), when added to conventionaltherapy, significantly improved hemodynamics and organ dysfunctionand reduced 28-day mortality in patients with severe sepsis andseptic shock published in Journal of the American Medical Association(JAMA).- Appointed Dr. Michael Cross to the Company's Board of Directors.Dr. Cross is Vice President of Investments at GrowthWorks Capital,one of Canada's leading venture capital management companies.Financial ReviewFor the three-months ended December 31, 2009, Spectral reported sales of $850,000 compared to $861,000 for the corresponding period in 2008. For the year ended December 31, 2009, Spectral reported sales of $3,283,000 compared to $3,011,000 for the corresponding period in 2008. In 2009, sales of the Company's EAA(TM) pro...