Business
Spectral Announces Second Quarter Results
TORONTO, Aug. 11, 2011 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI) , a Phase III company d...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 11, 2011 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a Phase III company developing the first theranostic treatment for\n patients with septic shock, today announced its financial results for\n the second quarter ended June 30, 2011.\n\n\nSecond Quarter Highlights:\n\n\nContinued to effectively manage its U.S. pivotal trial for Toraymyxin, a\n therapeutic hemoperfusion device that removes endotoxin from the\n bloodstream. The EUPHRATES trial is targeted to enrol approximately 360\n patients at 30 U.S. and international sites over a period of up to 30\n months, with interim results expected at the midpoint of the trial by\n the end of 2012;\n\nAnnounced that 15 carefully chosen clinical sites for the EUPHRATES\n trial are operational, enrolment in the Company's Phase III sepsis\n trial is underway and, subsequent to the quarter end, the U.S. FDA\n approved an additional 15 U.S. or international sites for the trial;\n\nJointly announced, with Medwell Capital Corp. (TSX-V:MWC), an agreement\n whereby, pursuant to a plan of arrangement, Medwell will acquire a\n further 33,333,333 Spectral shares for $10 million, at a subscription\n price of $0.30 per share. Pursuant to the arrangement, Medwell will\n also distribute 54,282,834 Spectral Shares to its shareholders, thereby\n reducing its ownership position in Spectral from approximately 45 % to\n 13.4 %;\n\nConcluded the reporting period with approximately $12 million in cash\n and short term investments.\n\n\n\"Our capital markets initiatives in the second quarter, together with\n the recently approved increase in the number of clinical trial sites,\n will provide funds for our expanded clinical development activities and\n help us complete our Phase III EUPHRATES trial on a timely basis\" said\n Dr. Paul Walker, President and CEO of Spectral Diagnostics. \"There are\n few therapeutic treatment options available for the more than 250,000\n patients diagnosed with severe sepsis and septic shock in the U.S. each\n year. Our trial is focused on reducing the very high mortality rate\n associated with septic shock.\"\n\n\nFinancial Review\n\n\nThe second quarter ended June 30, 2011 was the Company's second\n reporting period under International Financial Reporting Standards\n (IFRS). As anticipated and disclosed in the fourth quarter of 2010, the\n transition ...