Business
Spectral Shareholders Approve Previously Announced $10 Million Private Placement
TORONTO, Aug. 26, 2011 /CNW/ - Spectral Diagnostics Inc. (the "Company") (TSX:SDI) is pleas...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 26, 2011 /CNW/ - Spectral Diagnostics Inc. (the \"Company\") (TSX:SDI) is pleased to announce that at a special meeting (the \"Meeting\") of shareholders of the Company held earlier today, shareholders\n approved the previously announced private placement of 33,333,333\n common shares of the Company to Medwell Capital Corp. (\"Medwell\"), for aggregate proceeds of $10 million, pursuant to the terms of a\n plan of arrangement between Spectral and Medwell (the \"Arrangement\").  The gross proceeds of the offering will be used primarily to\n advance Spectral's Toraymyxin, a treatment for severe sepsis, through\n to the end of its U.S. Phase III EUPHRATES trial and data release.\n\n\nThe Company also announced that the shareholders of Medwell approved the\n Arrangement at a special meeting held earlier today.\n\n\nThe closing of the Arrangement is subject to court approval, regulatory\n approval and other customary closing conditions. The Arrangement is\n currently expected to close by August 31, 2011.\n\n\nAbout Spectral Diagnostics\n\n\nSpectral is a Phase III company seeking U.S. FDA approval for its lead\n theranostics product for the treatment for severe sepsis and septic\n shock. Toraymyxin is a therapeutic hemoperfusion device that removes\n endotoxin, which can cause sepsis, from the bloodstream. Directed by\n the Company's Endotoxin Activity Assay (EAA™), the only FDA cleared\n diagnostic for the risk of developing sepsis. Spectral's EUPHRATES\n trial is the world's first theranostics trial in the area of sepsis.\n\n\nToraymyxin has been approved for therapeutic use in Japan and Europe,\n and has been used safely and effectively in more than 80,000 patients\n to date. In March 2009, Spectral obtained the exclusive development and\n commercial rights in the U.S. for Toraymyxin, and in November 2010,\n signed an exclusive distribution agreement for this product in Canada.\n More than 250,000 patients are diagnosed with severe sepsis and septic\n shock in North America each year, representing a greater than $1\n billion market opportunity for Spectral. Spectral is listed on the\n Toronto Stock Exchange under the symbol SDI. For further information\n please visit www.spectraldx.com\n\n\nForward-looking statement\n\n\nInformation in this news release that is not current or historical\n factu...