Spectral Medical Inc. Announces Results of Annual and Special Meeting of Shareholders

Spectral Medical Inc. Announces Results of Annual and Special Meeting of Shareholders




Spectral Medical Inc. Announces Results of Annual and Special Meeting of Shareholders

TORONTO, June 04, 2021 (GLOBE NEWSWIRE) — Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late stage theranostic company advancing therapeutic options for sepsis and septic shock as well as commercializing a new proprietary platform targeting the renal replacement therapy market through its wholly-owned subsidiary Dialco Medical Inc. (“Dialco”), today announced the results of its Annual and Special Meeting of shareholders (the “Shareholders”) held on June 3, 2021 (the “Meeting”). The Company is pleased to announce that all resolutions put forward in the Management Information Circular dated April 29, 2021 (the “Circular”) to its Shareholders were approved.

Results of the matters voted on at the Meeting are set out below.

Election of Directors

Spectral’s five director nominees were elected:

Nominee Votes For (percent) Votes Withheld (percent)
Jan D’Alvise 99.28%   0.72%  
Anthony Bihl III 98.13%   1.87%  
Jun Hayakawa 99.63%   0.37%  
John Nosenzo 99.27%   0.73%  
William Stevens 99.23%   0.77%  
Paul M. Walker 98.27%   1.73%  

Appointment of Auditors

PricewaterhouseCoopers LLP, Chartered Accountants, was re-appointed as auditor of Spectral.

Votes For (percent): 99.99%
Votes Withheld (percent): 0.01%

Approval of Consolidation

A special resolution authorizing the future amendment of the articles of the Company to consolidate all of the Company’s issued and outstanding common shares (the “Shares”), on the basis of a consolidation ratio in the range of 1 post-consolidation Share for 10 pre-consolidation Shares to 1 post-consolidation Share for 20 pre-consolidation Shares to be selected by the board of directors of the Corporation (the “Board”), at such time as the Board so determines within 12 months of the date of the Meeting was approved.

Votes For (percent): 96.72%
Votes Against (percent): 3.28%

About Spectral Medical Inc.

Spectral is a Phase III company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ (“PMX”). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by the Company’s Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis.

PMX has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 300,000 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 330,000 patients are diagnosed with severe sepsis and septic shock in North America each year.

Spectral, through its wholly owned subsidiary, Dialco Medical Inc., is also commercializing a new set of proprietary platforms addressing renal replacement therapy (“RRT”) across the dialysis spectrum. SAMI is targeting the acute RRT market, while DIMI is targeting the chronic RRT market. Dialco is currently pursuing regulatory approval for U.S. in-home use of DIMI, which is based on the same RRT platform as SAMI, but will be intended for home hemodialysis use. DIMI recently received its FDA 510k clearance for use in hospital and clinical settings, and obtained its Health Canada license for use within Canadian hospitals, clinics and in home.

Spectral is listed on the Toronto Stock Exchange under the symbol EDT. For more information, please visit www.spectraldx.com.

Forward-looking statements

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 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.

For further information, please contact:

Mr. Chris Seto Mr. Ali Mahdavi David Waldman/Natalya Rudman
CEO Capital Markets & Investor Relations US Investor Relations
Spectral Medical Inc. Spinnaker Capital Markets Inc. Crescendo Communications, LLC
416-626-3233 ext. 2004 416-962-3300 212-671-1020
cseto@spectraldx.com am@spinnakercmi.com edt@crescendo-ir.com