LEE D. FLOWERS, VICE PRESIDENT, BAXTER DIAGNOSTICS INC., A SUBSIDIARY OF BAXTER INTERNATIONAL, APPOINTED DIRECTOR OF SPECTRAL DIAGNOSTICS INC.
TORONTO, Sept. 14 /PRNewswire/ -- Spectral Diagnostics Inc. (NASDAQ: DIAGF), the developer of a systems approach to cardiac diagnostics reported today that Lee D. Flowers (47), vice president, Baxter Diagnostics Inc., a subsidiary of Baxter International (NYSE: BAX), has been appointed to the board of directors. Mr. Flowers succeeds Lee Madison who has retired after having served as a director of the company since 1991 during which time he provided invaluable counsel to the company during its early stages of development. In making the announcement, Douglas C. Ball, chairman and CEO of Spectral Diagnostics, said, "We are especially pleased to welcome Mr. Flowers to our board. His long experience and success in the fields of immunochemistry, including tests for cardiac function, will be invaluable as Spectral develops as a major factor in cardiac diagnostics." Mr. Flowers' career with Baxter extends over 20 years. He was formerly president of Stratus Immunochemistry, a division of Baxter Diagnostics. Commenting on his election as Spectral director, Mr. Flowers said, "I look forward with enthusiasm to my association with the board and management of Spectral Diagnostics, and to the prospect of Baxter Diagnostics and Spectral collaborating to achieve the objective of creating a cardiac diagnostic franchise second to none." As reported on Sept. 1, 1993, Spectral Diagnostics Inc. has concluded a strategic cardiac diagnostic alliance in research and marketing with Baxter Diagnostics Inc. which permits up to a 15 percent equity investment in Spectral by Baxter estimated to aggregate approximately U.S. $17 million. In exchange for providing it extensive distribution capabilities and marketing expertise, Baxter obtains the exclusive rights in North and South America to one of Spectral's cardiac panel tests and the exclusive right of first offer for distribution rights for Europe and the United Kingdom as products become available. Baxter has an exclusive right of first offer for all diagnostic products developed by Spectral other than under specific development agreements. Baxter International is the world's leading manufacturer and marketer of health-care products and services for use in hospitals and other health-care settings. The company offers 120,000 products to health-care providers in over 100 countries. Spectral Diagnostics Inc., Toronto has developed a systems approach to cardiac diagnostics that includes its proprietary cardiac panel. The cardiac panel distinguishes, for the first time, heart from non-heart ailments and unstable angina from a myocardial infarction (heart attack) -- without the use or dependence on expensive laboratory equipment. Spectral's cardiac panel, slightly larger than a credit card, is easy to use, requires only a few drops of a patient's blood and provides a differential diagnosis in approximately eight minutes. Patent applications have been filed in 18 countries. The cardiac panel in combination with Spectral's library of cardiac proteins and antibodies will complete the systems approach to cardiac diagnostics. Spectral's common shares are listed on the NASDAQ Exchange in the United States and the Canadian Dealing Network (CDN) in Canada. Spectral's trading symbols are DIAGF (common shares) and DIAGWF (redeemable warrants) on the NASDAQ Exchange and SPTR (common shares) and SPTR.WT (redeemable warrants) on the Canadian Dealing Network (CDN). -0- 9/14/93 /CONTACT: Douglas C. Ball, chairman and CEO of Spectral Diagnostics, Inc., 416-626-3233, or Lee D. Flowers, vice president of Baxter Diagnostics, Inc., 305-222-8388, or Irving L. Straus, chairman of Straus Corporate Communications, 212-768-2477/ (DIAGF)
CO: Baxter Diagnostics, Inc.; Spectral Diagnostics, Inc. ST: Ontario IN: MTC SU: PER
SM-OS -- NY044 -- 1759 09/14/93 12:21 EDT
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|Date:||Sep 14, 1993|
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