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Spectral announces 2008 financial results
Date:3/12/2009

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Selling, general and administrative expenses for the year ended December 31, 2008 were $3,264,000, compared to $3,167,000 for the corresponding period in 2007, and are expected to remain at these levels due to the continued maintenance of a low cost operating structure.

Research and development costs for the year ended December 31, 2008 amounted to $75,000, compared to $66,000 in 2007. The Company does not expect to incur any significant research and development expenses related to its current business in 2009.

For the three-months ended December 31, 2008, the Company reported a loss of $303,000 or ($0.01) per share compared to a loss of $698,000 or ($0.03) per share for the corresponding period in 2007. For the year ended December 31, 2008, the Company reported a loss of $1,666,000 or ($0.06) per share compared to a loss of $1,725,000 or ($0.07) per share for the corresponding period in 2007.

Cash and short term investments at December 31, 2008 totalled $3,608,000 compared with $4,204,000 at December 31, 2007. Management expects that the Company will maintain a minimum cash and short term investment balance of $3,000,000 throughout the 2009 fiscal year.

The total number of shares outstanding for the Company was 24,118,424 as at March 11, 2009.

Notice of Annual General Meeting

Spectral will hold its Annual General Meeting of Shareholders at 4:00PM on May 14, 2009 at the offices of Stikeman, Elliott LLP, Suite 5300, 199 Bay Street, Toronto, Ontario.

About Spectral Diagnostics

Spectral is a developer of innovative technologies for comprehensive disease management. Spectral's lead product is its EAA(TM) Endotoxin Activity Assay, the only FDA approved diagnostic for the measurement of endotoxin. Spectral technologies provide accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Spectral is listed on TSX und
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SOURCE Spectral Diagnostics Inc.
Copyright©2009 PR Newswire.
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