Spectral Medical Chair to Retire From the Board of Directors

Dr. Paul Walker to succeed as Chair

TORONTO, April 02, 2024 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late-stage theranostic company advancing therapeutic options for sepsis and septic shock, today announced that Anthony (Tony) Bihl III, Spectral’s Chairman, will be retiring from the Board at Spectral’s upcoming Shareholder Meeting in June 2024.

Mr. Bihl has been a Director of the Company for 16 years and was appointed to the role of Chairman in 2010. Mr. Bihl will step down as Chair, effective April 2, 2024, but will remain a director until his retirement from the board in June. Dr. Paul Walker will immediately succeed Mr. Bihl as Chair.

“It has been my pleasure to serve Spectral for 16 years, including the last 14 years as Chairman. Over that time, I am very proud of the clinical and regulatory progress of PMX, and the development of our commercialization pathway. I am confident that the Company is today in the strongest position it has ever been, led by an exceptional executive team and a strong board who are successfully implementing a clear strategy,” said Tony Bihl.

“On my behalf and that of the entire Board, we want to express our sincere appreciation for Tony’s significant contributions and dedicated service during his tenure as Chairman. What we accomplished together has been truly remarkable. His stewardship and counsel over the past 16 years on the Board has ensured the continuity and development of our vision, which is to play a major role in reducing the tragic rates of mortality caused by endotoxic septic shock. I have been fortunate to work with Tony for the last three years and I wish him well for the future,” said Chris Seto, CEO of Spectral Medical.

About Spectral 

Spectral is a Phase 3 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 340,000 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. In July 2022, the U.S. FDA granted Breakthrough Device Designation for PMX for the treatment of endotoxic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year.