Business
Spectral announces first quarter 2013 results
TORONTO, May 15, 2013 /CNW/ - Spectral Diagnostics Inc., (TSX:SDI / OTCQX: DIAGF) , a Phase ...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 15, 2013 /CNW/ - Spectral Diagnostics Inc., (TSX:SDI / OTCQX: DIAGF), a Phase III company developing the first theranostic treatment for\n patients with septic shock, today announced its unaudited financial\n results for the first quarter ended March 31, 2013.\n\n\nFirst Quarter Highlights:\n\n\n\nContinued enrolling patients into the Company's Phase III EUPHRATES\n trial at a per site rate that is higher than previous sepsis trials.\n Directed by the Company's Endotoxin Activity Assay (EAA™), which is the\n only FDA-cleared diagnostic for the risk of developing sepsis,\n Spectral's EUPHRATES trial is currently targeted to enroll 306\n evaluable patients at up to 60 sites in North America. Contingent on\n maintaining current enrolment rates and timely site start ups, the\n trial should be fully enrolled by the end of 2014. As of May 14, 2013,\n 116 patients have been randomized into Spectral's EUPHRATES trial.\n\n\n\n\nAnnounced that the first interim analysis has been conducted on the\n initial 76 randomized patients in its EUPHRATES trial. The Data and\n Safety Monitoring Board (DSMB), consisting of experts in the fields of\n critical care medicine, infectious disease, nephrology, biostatistics\n and regulatory affairs, reviewed the totality of the data set for\n evidence of safety concerns, such as adverse events and/or adverse\n device effects, related to the use of the Toraymyxin cartridge. The\n results from the first interim safety analysis by the DSMB state that\n there are no safety issues to date concerning the application of the\n Toraymyxin cartridge to patients in the EUPHRATES trial. In addition,\n the results state that the EUPHRATES clinical protocol appears to be\n defining the correct target patient population for this study.\n\n\n\n\nConcluded the reporting period with approximately $7,576,000 in cash,\n cash equivalents and short-term investments. Subsequent to quarter end,\n the Company announced it closed a private placement for gross proceeds\n of $5.6 million. Under the terms of the private placement, Spectral\n issued 16,666,667 common shares in the capital of the Company to Toray\n Industries Inc. at a price of $0.30 per common share, for gross\n proceeds of $5,000,000. Other investors subscribed for an additional\n $600,000 under the same terms, bringing the total privat...