Printer Friendly

SPECTRAL DIAGNOSTICS CALLS 736,200 REDEEMABLE COMMON STOCK PURCHASE WARRANTS TO PURCHASE SHARES FOR US$8 PER SHARE; REALIZES US$5,889,600

 TORONTO, Sept. 10 /PRNewswire/ -- Spectral Diagnostics Inc. (NASDAQ Small Cap: DIAGF), the developer of a systems approach to cardiac diagnostics, reported today that it has cleared a post-effective amendment to its registration statement and has called 736,200 redeemable common stock purchase warrants to purchase Spectral common stock for US$8 per share. With the exercise of the warrants, Spectral Diagnostics expects to realize US$5,889,600.
 Spectral intends to redeem all of its issued and outstanding warrants which were issued pursuant to an initial public offering, which closed July 24, 1992, and an overallotment offering, which closed Sept. 10, 1992.
 Registered holders of warrants shall have until the close of business on Oct. 15, 1993, to exercise their warrants at the exercise price of US$8 per warrant. Each warrant entitles the holder to obtain one common share in the capital stock of Spectral.
 Each registered holder of warrants as of Sept. 10, 1993, will receive written notice of the redemption of warrants to occur on or after Oct. 18, 1993, at the price of US$0.01 for each warrant.
 In making the announcement, Douglas C. Ball, chairman, said: "With the signing of our Strategic Cardiac Diagnostic Alliance with Baxter Diagnostics for research and marketing, the additional funds provided by the call of the warrants will facilitate our progress towards commercialization of our cardiac diagnostics products, including the cardiac panel for diagnosis of chest pain within minutes.
 "Our clinical trials are continuing according to plan," Mr. Ball added, "and with U.S. Food and Drug Administration filing scheduled for later this year, we are anticipating commercialization of our antibodies and cardiac panel products beginning in 1994."
 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 8 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 syb?ols 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- 9/10/93
 /CONTACT: Douglas C. Ball, chairman and CEO of Spectral Diagnostics, 416-626-3233, or Irving L. Straus, chairman of Straus Corporate Communications, 212-768-2477/
 (DIAGF) CO: Spectral Diagnostics Inc. ST: Ontario IN: MTC SU:


WB-TW -- NY015 -- 0698 09/10/93 11:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 10, 1993
Words:483
Previous Article:SELF TEAMS WITH ESTEE LAUDER FOR BREAST CANCER CAMPAIGN
Next Article:TEMPLETON LAUNCHES CHINA WORLD FUND
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters