Navigation Links
PreMD Reduces Staffing, Operations - FDA Appeal Still in Process
Date:2/26/2009

TORONTO, Feb. 26 /PRNewswire-FirstCall/ - Predictive medicine company PreMD Inc. (TSX: PMD; PREMF.pk) today announced that it is reducing staffing and operations.

"Over the last while we have faced significant challenges and, with the current economic environment, we are not currently able to continue to finance our clinical or operational activities." said Dr. Brent Norton, President and CEO. "We will be moving to a skeleton staff and working with key executives to explore alternatives that may allow our Company to continue to operate until the outcomes of our FDA appeal and patent loss lawsuit are known. The timing of our circumstances is unfortunate as our FDA appeal appears to be progressing but without a definite time frame of knowing when we will have an outcome. It is very regrettable that as politicians and interest groups are calling for healthcare prediction and prevention more than ever, today we are stuck on the FDA doorstep with our non-invasive test for predicting heart disease, have to cancel our participation in a clinical trial for a test that may provide early detection of colorectal cancer that is partially funded by the US NCI, EDRN and have terminated development on a test for early breast cancer detection when we just reported positive clinical trial results."

PreMD's reduction plan calls for the closing of its McMaster Laboratory, scaling back its office in Toronto, eliminating all staff and terminating clinical programs and product licenses. In order to limit the Company's future cash expenditures, the Company has also terminated the employment agreements of each of the officers of the Company. However, Dr. Norton will remain as an officer of the Company and with administrative support will continue to act on the Company's behalf in its efforts to secure enough financing to maintain its key intellectual property assets and continue with the FDA appeal and patent loss lawsuit.

About PreMD Inc.

PreMD Inc. has rapid, non-invasive tests for the early detection of life-threatening diseases. PreMD's cardiovascular products include PREVU* POC and PREVU* LT, both non-invasive skin cholesterol tests. The Company's cancer tests include ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's head office is located in Toronto, Ontario and its research and product development facility is at McMaster University in Hamilton, Ontario. For more information about PreMD, please visit www.premdinc.com.

This press release contains forward-looking statements. These statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the successful development or marketing of the Company's products, the competitiveness of the Company's products if successfully commercialized, the lack of operating profit and availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, product liability, reliance on third-party manufacturers, the ability of the Company to take advantage of business opportunities, uncertainties related to the regulatory process, and general changes in economic conditions. In addition, while the Company routinely obtains patents for its products and technology, the protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by our competitors and there can be no guarantee of our ability to obtain or maintain patent protection for our products or product candidates. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. PreMD is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.


'/>"/>
SOURCE PreMD Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. PreMD Provides Update on 510(k) Application for PREVU(x) POC
2. PreMD Inc. Provides Corporate Update
3. PreMD Announces Valuable Data on PREVU(x) LT Life Insurance Product
4. PreMD Announces FDA Decision on POC Skin Cholesterol Test
5. PreMD Initiates FDA Review Process and Provides Corporate Update
6. PreMD Inc. Announces Debenture Financing
7. PreMD Inc. Signs Agreement with Cosmetics Conglomerate
8. PreMD Inc. Completes Debenture Financing
9. PreMD Reports Fiscal 2007 Results
10. PreMD Provides Update on FDA Review
11. PreMD Reports First Quarter Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/18/2017)... ... August 18, 2017 , ... ... specialized asset-light logistics provider of complex transport solutions for mission-critical and non-discretionary ... Unitrans International Corporation, a division of Roadrunner Transportation Systems, Inc. (NYSE: RRTS). ...
(Date:8/18/2017)... ... August 18, 2017 , ... ... devices. Through an educational webinar, they will present the line of epMotion automated ... learn how easy you can automate everyday pipetting tasks. , Ideal for scientists ...
(Date:8/18/2017)... Woodlands, TX (PRWEB) , ... August 18, 2017 ... ... protection assistance and financial planning services to communities in east Texas, is launching ... Pediatric Brain Tumor Foundation. , Founded in 1991, the Pediatric Brain Tumor Foundation ...
(Date:8/18/2017)... (PRWEB) , ... August 18, 2017 , ... The Golseth ... in the Dallas/Fort Worth area, is spearheading a regional charity campaign organized to provide ... , In early June of this year, Christina and her children returned from out ...
(Date:8/18/2017)... ... August 18, 2017 , ... Alcovit, a lime-flavored beverage that rids the body ... with its product now available through Jet.com. , After 25 years of development, ... drink is designed to quickly detox the body thereby avoiding alcohol-induced hangovers. Whether you’re ...
Breaking Medicine News(10 mins):
(Date:8/7/2017)...  Endo International plc (NASDAQ: ENDP ) ... all known U.S. mesh product liability claims and that ... remaining U.S. claims at reasonable values. Under the agreements, ... quarter of 2017 and continuing through the fourth quarter ... results, the Company intends to increase its mesh product ...
(Date:8/2/2017)... AROMAS, Calif. , Aug. 2, 2017 /PRNewswire/ ... by Continental Who,s Who as a Pinnacle Lifetime ... currently the Key Account Manager at Turing Pharmaceuticals, ... communications, negotiations, troubleshooting and relationship building.                ... has more than 25 years of experience ...
(Date:8/1/2017)... Aug. 1, 2017   CerSci Therapeutics , a ... Texas , has received notice from the National ... of Health (NIH) that it has been awarded a ... over $650,000 in 2017 with an additional $1,000,000 to ... New Drug application of their lead non-opioid drug candidate ...
Breaking Medicine Technology: