Spectral Diagnostics announces shareholder approval of its up to $18.2 million offering

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[{"type":"text","content":"\n\n\n\n\n\n\nTORONTO, July 22, 2014 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) (the \"Corporation\" or \"Spectral\") today announced that at the special meeting (the \"Special Meeting\") of shareholders (\"Shareholders\") of the Corporation held earlier today, Shareholders overwhelmingly approved the terms of the previously announced proposed non-brokered private placement of the Corporation of up to $18.2 million (the \"Offering\").\n\nDisinterested Shareholders representing 34,366,763 common shares of the Corporation (\"Shares\"), or 96.91% of the Shares represented in person or by proxy and entitled to vote at the Special Meeting  voted in favour of the Offering and the terms thereof, and disinterested Shareholders representing 1,093,968 Common Shares, or 3.09% of the Shares represented in person or by proxy and entitled to vote at the Special Meeting voted against the Offering and the terms thereof.\n\nThe Corporation intends to use the net proceeds of the Offering to fund its EUPHRATES clinical development program for PMX, its lead theranostics product for the treatment of severe sepsis with septic shock and for working capital and general corporate purposes.\n\nAbout Spectral Diagnostics Inc.\n\nSpectral is a Phase III company seeking U.S. FDA approval for its lead theranostics product for the treatment of severe sepsis with septic shock. PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream. Directed by the Corporation's Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis, Spectral's EUPHRATES trial is the world's only active and most innovative Phase III study in the area of septic shock.\n\nPMX has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 100,000 patients to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX and, in November 2010, signed an exclusive distribution agreement for this product in Canada.  Approximately 350,000 patients are diagnosed with severe sepsis and septic shock in North America each year, representing a greater than $2 billion market opportunity for Spectral. \n\nSpectral is listed on the Toronto Stock Exchange under the symbol SDI, and on t...

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