Spectral Diagnostics Inc.

Spectral Diagnostics Inc.

December 15, 2014 08:00 ET

Spectral Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - Dec. 15, 2014) - Spectral Diagnostics Inc. ("Spectral" or the "Company") (TSX:SDI)(OTCQX:DIAGF) a Phase III company developing the first theranostic treatment for patients with septic shock, today announced that the Toronto Stock Exchange ("TSX") has accepted Spectral's notice of intention to proceed with a normal course issuer bid through the facilities of the TSX.

Pursuant to the notice, Spectral may purchase up to 3,594,745 of its common shares ("Shares"), representing approximately 2% of its issued and outstanding Shares, during the twelve month period commencing December 17, 2014 and ending December 16, 2015. There are currently 179,737,241 Shares issued and outstanding. Under the normal course issuer bid, Spectral may purchase up to 22,461 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. This limitation does not apply to purchases made pursuant to block purchase exemptions. Purchases will be executed through the facilities of the TSX at market prices under the normal course issuer bid rules of the TSX. Any Shares purchased under the normal course issuer bid will be cancelled.

Although Spectral intends to purchase Shares under its normal course issuer bid, there can be no assurances that any such purchases will be completed. Such purchases, if any, may commence on December 17, 2014 and will terminate on December 16, 2015, or on such earlier date as Spectral may complete its purchases pursuant to the notice of intention filed today with the TSX or provide notice of termination. Any such purchases will be made by Spectral at the prevailing market price at the time of acquisition and through the facilities of the TSX.

Spectral believes that the repurchases may enhance liquidity for shareholders and that ongoing purchases of its outstanding Shares from time to time at prevailing market prices may be a worthwhile investment and in the best interest of Spectral and its shareholders.

About Spectral Diagnostics Inc.

Spectral is a Phase III company seeking U.S. FDA approval for its lead theranostics product for the treatment of endotoxemic septic shock. PMX is a therapeutic hemoperfusion device that removes endotoxin, a main trigger of sepsis, from the bloodstream. Directed by the Company'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 for a medical device in the area of septic shock.

PMX has been approved for therapeutic use in Japan and Europe, and has been used 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 septic shock in North America each year, representing a greater than $3 billion market opportunity for Spectral.
Spectral is listed on the Toronto Stock Exchange under the symbol SDI, and on the OTCQX under the symbol DIAGF. For more information please visit www.spectraldx.com.

Forward-looking statement

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral's senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the commercialization of Spectral's septic shock treatment, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

Contact Information

  • Spectral Diagnostics Inc.
    Anthony Businskas
    Executive Vice President and CFO
    416-626-3233 ext. 2200

    Spectral Diagnostics Inc.
    Ali Mahdavi
    Capital Markets & Investor Relations