Toronto, Ontario | June 26, 2020 – Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT),

a late stage theranostic company advancing therapeutic options for sepsis and septic shock, announced today that it has filed a preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada, except Québec (the “Securities Regulators”).

The base shelf prospectus, when made final, will allow Spectral to qualify the distribution by way of a prospectus of up to $50 million of common shares, debt securities, subscription receipts, warrants and units, or any combination thereof, from time to time, during the 25-month period that the final short form base shelf prospectus (the “Base Shelf Prospectus”) is effective. The specific terms of any offering under the Base Shelf Prospectus will be established in a prospectus supplement, which will be filed with the applicable Securities Regulators in connection with any such offering.

“The Company is pleased with its recently closed equity financing of $5.1 million. The funds raised addresses our expected costs to carry out the Tigris trial”, said Chris Seto, COO and CFO of Spectral. “In anticipation of future growth initiatives, such as Dialco and other corporate opportunities as they may arise, we are filing a base shelf prospectus. A base shelf prospectus provides Spectral with the flexibility and efficiency to access capital, and the Company believes it to be prudent to institute this instrument in a volatile capital markets environment.” 

No securities may be sold nor may offers to buy be accepted prior to the time at which a receipt for the Base Shelf Prospectus is obtained from the Securities Regulators. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

A copy of the preliminary short form base shelf prospectus can be found under the Company’s profile on SEDAR at

About Spectral

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 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.(“Dialco”), is also commercializing a new proprietary platform, “SAMI”, targeting the renal replacement therapy (“RRT”) market. Dialco is also seeking regulatory approval for “DIMI” which is based on the same RRT platform, but will be intended for home hemodialysis use.

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

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 and includes, without limitation, statements regarding the Offering generally, the anticipated use of proceeds and the receipt of requisite TSX and securities regulatory approvals. 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 and general economic, market and business conditions, including but not limited to the ongoing impact of COVID-19. Certain assumptions with respect to the Offering include those relating to the completion of the Offering in a timely manner and the ability to obtain all necessary regulatory approvals in connection with the Offering. Risks and other factors that could cause actual results or events to differ materially from current expectations with respect to the Offering include, but are not limited to, the risk of unforeseen delays in the completion of the Offering whether as a result of market conditions or otherwise, the failure of the Company to obtain the requisite regulatory approvals for the Offering and the inability of the Company to satisfy all conditions to the completion of the Offering (if at all). There can be no assurance that the Offering will be completed. 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, the Prospectus and other filings of Spectral with the securities regulatory authorities which are available at

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

For further information, please contact:

Dr. Paul Walker

President & CEO
Spectral Medical Inc.
416-626-3233 ext. 2100

Chris Seto

Spectral Medical Inc.
416-626-3233 ext. 2004

Ali Mahdavi

Capital Markets & Investor Relations