Dr. Paul Walker will remain on the Board of Directors focusing on the seamless transition of management and on ensuring continuity of the Tigris Trial
TORONTO, Canada – March 8, 2021 – Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), today announced the appointment of Chris Seto to Chief Executive Officer (“CEO”), effective April 1, 2021. In his new role, Mr. Seto will continue to serve as the Company’s Chief Financial Officer (“CFO”). Dr. Paul Walker, current CEO, will remain committed to the Company as a member of the Board of Directors, where he will be responsible for a seamless transition of leadership, and focus his efforts on the Tigris Trial supporting Dr. John Kellum, Spectral’s recently announced Chief Medical Officer.
Previously, Mr. Seto was responsible for overseeing the financial and operational management of the Company including, finance, accounting, treasury and capital markets, as well as corporate planning and development, and investor relations. Prior to joining Spectral Medical, Mr. Seto was the CFO of MJardin Group Inc. (CSE:MJAR) and GrowForce Holdings Inc. Mr. Seto has over 25 years of capital markets and financial management experience, including senior investment banking positions with Paradigm Capital, UBS Securities and CIBC World Markets; and financial management experience in the telecom and healthcare industries with Bell Canada and Warren Shepell. Mr. Seto holds a B. Comm. from McMaster University, an MBA from the Richard Ivey School of Business, and a Certified Management Accountant designation (C.M.A. 1999).
“I would like to thank Dr. Walker and the Board of Directors for their confidence in my ability to lead Spectral to achieve growth in product commercialization, revenues and earnings in due course. I look forward to working with the Spectral team to continue on the exciting path we have developed for our Company under the leadership of Dr. Walker,” said Chris Seto, COO and CFO of Spectral Medical. “Over the last year we refined our corporate structure, including the recent appointment of Dr. John Kellum as Chief Medical Officer, which will make this transition seamless while maintaining our team’s focus on achieving our key corporate priorities.”
Dr. Walker commented, “I am very pleased that Chris is transitioning to the Chief Executive Officer position. Since joining the Company, Chris has demonstrated outstanding operational and financial leadership, and has played a key role in defining our strategy for the Dialco subsidiary. With the recent addition of Dr. John Kellum to our organization, I am confident that we are well positioned to successfully complete the Tigris Trial and to advance our scientific and product development agenda for Spectral.”
Anthony Bihl, Chairman of Spectral, further noted, “Chris’ transition to CEO is a reflection of his unwavering commitment and outstanding leadership. Moreover, I would like to personally express our sincere gratitude to Dr. Paul Walker, who has successfully led the organization over the last twenty years through a transition from a diagnostic focused company to a leading theranostics company focused on bringing unique commercial products to market—positioning us for long-term success. As one of the world’s leading experts on endotoxin and its role in sepsis, as well as the co-inventor of the Endotoxin Activity Assay (EAA™), we look forward to his continued contributions as we advance the Tigris Trial.”
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 is approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 200,000 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 proprietary platform, “SAMI”, targeting the renal replacement therapy (“RRT”) market. Dialco is also seeking regulatory approval for in-home use of “DIMI” which is based on the same RRT platform, but will be intended for home hemodialysis use. “DIMI” recently received its FDA 510k clearance for use in hospital and clinical settings.
Spectral is listed on the Toronto Stock Exchange under the symbol EDT. 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 or forward looking statements 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 including but not limited to the ongoing impact of COVID-19. Actual results could differ materially from what is currently expected, and readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Reference is also made to the other risks and uncertainties that may affect the Company which are more fully described in Spectral’s Annual Information Form dated March 26, 2020 and other filings of Spectral with the securities regulatory authorities which are available at www.sedar.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
For further information, please contact:
Spectral Medical Inc.
416-626-3233 ext. 2004
David Waldman/ Natalya Rudman
Crescendo Communications, LLC