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Spectral Medical Inc. Announces Results of Annual and Special Meeting of Shareholders

TORONTO, June 08, 2023 (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 the results of its Annual and Special Meeting of shareholders (the "Shareholders") held on June 7, 2023 (the "Meeting"). The Company confirms that all resolutions put forward in the Management Information Circular dated May 5, 2023 (the "Circular") to its Shareholders were approved, other than the proposed share consolidation.

Results of the matters voted on at the Meeting are set out below.

Election of Directors

Spectral's seven director nominees were elected:

NomineeVotes For (percent)Votes Withheld (percent)
Anthony Bihl III56.14%43.86%
Jan D'Alvise65.61%34.39%
Jun Hayakawa70.22%29.78%
John Nosenzo56.51%43.49%
Chris Seto56.40%43.60%
William Stevens64.55%35.45%
Paul Walker86.29%13.71%

Appointment of Auditors

PricewaterhouseCoopers LLP, Chartered Accountants, was re-appointed as auditor of Spectral.

Votes For: 93.77%
Votes Withheld: 6.23%

Adoption of Omnibus Long Term Incentive Plan

A resolution approving the re-adoption of the Corporation's omnibus long term incentive plan, as more particularly described in the Circular was passed.

Votes For: 55.48%
Votes Against: 44.52%

Approval of Consolidation

A special resolution authorizing the future amendment of the articles of the Company to consolidate all of the Company's issued and outstanding common shares, as more particularly described in the Circular, was not approved.

Votes For: 60.05%
Votes Against: 39.95%

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, Toraymyxintm ("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 (EAAtm), 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 endotoxemic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year.

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

Forward-looking statement

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. 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 as well as general economic, market and business conditions, and could differ materially from what is currently expected.

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

For further information, please contact:

Ali Mahdavi
Capital Markets & Investor Relations
Spinnaker Capital Markets Inc.
David Waldman/Natalya Rudman
US Investor Relations
Crescendo Communications, LLC
Blair McInnis
Spectral Medical Inc.

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