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:12/2/2016)... ... ... years, Doctors on Liens has published a directory of the top doctors working ... When the company started in 1997, the directory was a single page focusing on chiropractors ... directory features a vast array of medical specialists stretching from Sacramento to San ...
(Date:12/2/2016)... ... December 02, 2016 , ... Center for Autism and ... of those affected by autism spectrum disorder (ASD) and other developmental disabilities. The group, ... will give parents and other caregivers the opportunity to share stories and advice, seek ...
(Date:12/2/2016)... ... December 02, 2016 , ... Mediaplanet’s newest campaign, ... standing as living proof that attitude and determination can combine into the most ... spike around the holidays. This campaign will offer patients a new-found hope, by ...
(Date:12/2/2016)... ... December 02, 2016 , ... ... version of its SaaS LIMS, CloudLIMS Lite. CloudLIMS Lite helps biobanks, clinical, research ... labeling, storing, shipping and disposal. The new version is a faster and a ...
(Date:12/2/2016)... Wexford, PA (PRWEB) , ... December 02, 2016 , ... ... manages stress and overall health, day and night. No other wearable health technology on ... management. We wanted to give poeple more meaningful insights about their health than ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... , Dec. 2, 2016  LifeVac, the revolutionary ... included in the Emergency Response Training and Support Services ... excited to have LifeVac become part of the ERTSS ... Founder and CEO of LifeVac. "Having an established network ... and effectively will help leverage our efforts to spread ...
(Date:12/2/2016)... -- PipelineRx, a leading medication management technology company focused ... its SaaS-based telepharmacy platform, PowerGridRx™ , at ... Clinical Meeting and Exhibition, December 5-7 in ... hospital clients nationally, the Company is a leader ... improve pharmacy operations, enhance patient safety, and reduce ...
(Date:12/2/2016)... 2, 2016  Maxor National Pharmacy Services, LLC ("Maxor"), today ... Inc. ("PSI").  The combination of Texas -based ... -based PSI bring together both company,s clinical expertise and high-touch ... an industry-leading specialty pharmacy. About Maxor ... , , ...
Breaking Medicine Technology: