Healthcare Industry News: Medivation
News Release - January 17, 2007
SpectRx, Inc. Announces Management ChangesNORCROSS, Ga.--(HSMN NewsFeed)--SpectRx, Inc. (OTCBB: SPRX ) today announced that Mark L. Faupel, Ph.D. was named President and Chief Operating Officer. The change is in response to the increasing importance of the Company's non-invasive cervical cancer detection test, which is expected to complete its FDA pivotal trial this year. Dr. Faupel previously served as Vice President and Chief Technical Officer of SpectRx and President of subsidiary Guided Therapeutics, Inc.
Dr. Faupel replaces William "Bill" D. Arthur who will remain a director, President and Chief Operating Officer of SimpleChoiceŽ insulin pump products subsidiary Sterling Medivations, Inc.
"Dr. Faupel's promotion reflects the growing importance of our cervical cancer test in our future strategy and the great job that he has done in moving this exciting project forward," said Mark A. Samuels, SpectRx Chairman and Chief Executive Officer. "Bill Arthur, who is now part-time, has done a fine job under difficult circumstances and plans to focus on finding ways to derive additional value from our SimpleChoice business and continuous glucose monitoring technology."
"I look forward to advancing the cervical cancer product successfully through the regulatory process and into the marketplace," said Dr. Faupel. "We believe that this product will be accepted by physicians and their patients because it is noninvasive, cost effective and accurate.
The non-invasive cervical cancer detection device, which is undergoing FDA pivotal clinical trials, uses proprietary technology to identify cancers and precancers painlessly and non-invasively by analyzing light reflected from the cervix. The technology distinguishes between normal and diseased tissue by detecting biochemical and morphological changes at the cellular level. Unlike Pap or HPV tests, the non-invasive test does not require a tissue sample or laboratory analysis, and results are available immediately. To date, more than 2,000 women have been tested with prototypes of the non-invasive cervical cancer detection device. Research and commercialization of the device are being funded, in part, by grants from the National Cancer Institute (NCI). The non-invasive cervical cancer detection technology is being commercialized by SpectRx's subsidiary, Guided Therapeutics, Inc.
SpectRx, Inc. (OTCBB: SPRX ) is a medical technology company providing innovative detection, monitoring and treatment solutions for the cancer detection and diabetes healthcare markets. SpectRx is developing a non-invasive cervical cancer detection device based on its proprietary biophotonic technology. The Company is also developing a consumer device for continuous glucose monitoring, and markets the SimpleChoiceŽ line of insulin pump supplies. For more information, visit SpectRx's web sites at spectrx.com, mysimplechoice.com and guidedtherapeutics.com.
The SpectRx Non-invasive Cervical Cancer Detection Device is an investigational device and is limited by federal law to investigational use.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from SpectRx's actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading "Risk Factors" in SpectRx's reports filed with the SEC, including SpectRx's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005, as amended, and subsequent quarterly reports.
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