Business
Spectral announces first quarter 2009 results
TORONTO, May 14 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a company focused on bringing to m...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\nTORONTO, May 14 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a company\nfocused on bringing to market a diagnostic and a therapeutic targeting severe\nsepsis, today announced its financial results for the first quarter ended\nMarch 31, 2009.\n\n\n"This quarter, we achieved an important milestone by securing the\nexclusive rights to develop and commercialize Toraymyxin(TM) for the US market\nafter thorough due diligence into the product and its potential market\nopportunity," said Dr. Paul Walker, President and CEO of Spectral.\n"Toraymyxin(TM) has been used on more than 70,000 patients to date, primarily\nin Europe and Japan, for the treatment of severe sepsis and has demonstrated a\nsignificant reduction in the mortality of patients with severe sepsis compared\nto standard of care. We believe that, when used together with our proprietary\nEndotoxin Activity Assay (EAA(TM)), Toraymyxin(TM) represents a significant\nmedical advance in helping doctors manage a devastating disease. Our next\nsteps will be to obtain an Investigational Device Exemption (IDE) from the US\nFDA and to initiate a registration trial for Toraymyxin(TM) in 2009."\n\n\nFirst quarter 2009 highlights:\n\n- Data on the clinical utility of EAA(TM) and Toraymyxin(TM) was\n featured in a key scientific symposium entitled, "The Role of\n Endotoxin," that included presentations from six thought leaders in\n the field of sepsis, at the 29th International Symposium on Intensive\n Care and Emergency Medicine in Brussels, Belgium in March.\n\n- New findings demonstrating the clinical utility of EAA(TM) were\n presented at the 13th Annual Critical Care for Endotoxemia Congress.\n The conference took place in Tokyo, Japan in February.\n\n- A final license and supply agreement was signed with Toray\n Industries, Inc. for the exclusive development and commercial rights\n in the U.S. for Toraymyxin(TM) in March.\n\n- A preliminary meeting was held with the US FDA.\n\n\nFinancial Review\n\n\nFor the three months ended March 31, 2009, Spectral reported sales of\n$842,000, compared to $664,000 for the corresponding period in 2008. This\nrepresents a 27% increase. Sales in all product categories were higher due to\nimproved EAA(TM) diagnostic sales and the consistency of royalty revenues and\nreagent sales related to the Company's propriet...