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SPECTRAL DIAGNOSTICS REPORTS CLINICAL TRIALS UNDERWAY FOR PROPRIETARY, IN-VITRO DIAGNOSTIC CARDIAC PANEL TEST; REPORTS FIRST QUARTER RESULTS

SPECTRAL DIAGNOSTICS REPORTS CLINICAL TRIALS UNDERWAY FOR PROPRIETARY, IN-VITRO DIAGNOSTIC CARDIAC PANEL TEST; REPORTS FIRST QUARTER RESULTS
 TORONTO, Aug. 20 /PRNewswire/ -- Spectral Diagnostics Inc. (NASDAQ: DIAG), a development stage company, organized July 29, 1991, today issued its first financial report and an update on development of its proprietary, in-vitro diagnostic Cardiac Panel Test and monoclonal antibody technology.
 Financials
 Reflecting the company's development stage, in the period ended June 30, 1992, the company's first fiscal quarter, it had no revenues. Expenses, including research and development, resulted in a loss of C$522,606, equal to a loss of 17 cents per share on 3,111,278 average shares outstanding. All amounts are in Canadian dollars, prepared in accordance with accounting principles generally accepted in Canada.
 With the initial public offering in July 1992, of 650,000 units the company raised C$3.8 million. Each unit was issued at US$6 and was composed of one share of common stock and one redeemable common stock purchase warrant exercisable at US$8, expiring on July 15, 1997.
 On a pro-forma basis, giving effect to the public offering as if it had been completed at June 30, 1992, the company's total assets increased to C$4.7 million, and stockholders' equity increased to C$4 million on 3,884,506 shares outstanding. The company's current liabilities totalled C$661,330.
 Cardiac Panel Test
 Commenting on Spectral Diagnostics' product development progress, Douglas C. Ball, chairman, said, "Clinical trials are underway for Spectral's proprietary, in-vitro diagnostic Cardiac Panel Test which for the first time diagnoses and distinguishes, within several minutes, heart from non-heart ailments and unstable angina from heart attack. The panel is easy to use, requires only a few drops of a patient's blood and provides a result in approximately five minutes," the Spectral chairman stated.
 "With the window for successful treatment in the event of a heart attack in the 4 to 6 hour range," Ball explained, "the Spectral Diagnostics Cardiac Panel Test is, as far as we know, the only diagnostic test that will confirm in minutes whether or not the chest pain was, in fact, a heart attack, or another heart or non-heart ailment. This rapid and definitive diagnosis," Ball added, "which will cost less than $100, has enormous, beneficial implications in terms of enhanced patient care and healthcare cost benefits. Current diagnosis involves time and costs many times greater."
 Clinical trials are underway at a Toronto area hospital and will be expanded to include three premier U.S. and one Canadian teaching hospitals. "All clinical trials are scheduled for completion by year- end," Spectral's chairman said.
 Ball also reported that upon completion of clinical trials, Spectral will file for FDA approval of the Cardiac Panel. Presently, European approval is immediate upon application for diagnostic devices such as the Cardiac Panel. "We are anticipating commercial availability for the Panel Test in early 1993," the Spectral chairman added.
 Monoclonal Antibody Technology
 In its monoclonal antibody technology, Ball said, "Spectral has developed diagnostic antibodies which are imbedded in the plastic test panel and change color indicating the existence and levels of the cardiac proteins in the patient's blood. The plastic panels," Ball added, "are approximately four inches by one inch, individually seal- wrapped and packaged for sale. We will be producing the antibodies for our own use, as well as marketing to others.
 "Looking ahead," Ball said, "we expect to realize revenues from both the Spectral Cardiac Panel Test and monoclonal antibodies sales, starting in the first half of 1993.
 "With heart attacks the number one cause of death in North America," Ball noted, "and the number one cause of malpractice litigation in the U.S., plus approximately 10 million persons in North America experiencing chest pain each year, the market for Spectral's Cardiac Panel Test, which provides a definitive diagnosis within several minutes, is impressive. And, we see our market as global in total," the Spectral chairman added.
 Spectral Diagnostics Inc., Toronto, specialists in cardiac markers and cardiac panels, has developed a proprietary in-vitro diagnostic Cardiac Panel that will definitely distinguish heart from non-heart ailments and unstable angina from a myoccardial infarction (a heart attack) -- without the use of expensive laboratory equipment. The Cardiac Panel, slightly larger than a credit card, will be easy to use, requires only a few drops of a patient's blood and will provide a definitive diagnosis in approximately 5 minutes. Patent applications have been filed.
 Spectral's common stock and redeemable warrants are listed on the NASDAQ exchange in the United States with the symbols DIAG (common stock) and DIAGW (redeemable warrant).
 SPECTRAL DIAGNOSTICS INC. (A)
 (Canadian dollars)
 Three months ended 6/30/92
 Revenue --
 Net loss $(522,606)
 Net loss per common share $(0.17)
 Weighted average number of
 common shares outstanding 3,111,278
 (A) -- The company was organized July 29, 1991, and completed an initial public offering on July 15, 1992, for net proceeds of C$3.8 million.
 -0- 8/20/92
 /CONTACT: Douglas C. Ball, chairman, George Jackowski, president & CEO and director of research, or Eric Davies, director-product development, 416-626-3233, William L. Koyle, director, 416-364-8441, or James D. Beatty, director, 416-862-7168, all of Spectral; or Irving L. Straus of Straus Corporate Communications, 212-768-2477, for Spectral/
 (DIAG) CO: Spectral Diagnostics Inc. ST: Ontario IN: MTC SU: ERN


GK-TS -- NY034 -- 1719 08/20/92 12:44 EDT
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