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:10/13/2017)... ... October 13, 2017 , ... ... Hannah Randall, PharmD ‘17, and Jennifer Huggins, PharmD ’17, along with clinical ... the primary prevention of cardiovascular diseases during the 15th Annual Women’s Health ...
(Date:10/13/2017)... ... October 13, 2017 , ... Apple Rehab Shelton ... staged a mock evacuation of the facility as part of a disaster drill on ... Echo Hose EMS and Shelton City Emergency Manager, as well as the Connecticut ...
(Date:10/13/2017)... ... October 13, 2017 , ... The Visiting Nurse Association (VNA) ... a collection of specialty vendors and unique items from across the nation, this holiday-themed ... and wellness services offered by the VNA. The boutique will be open Saturday, ...
(Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th Annual Kids Fun ... NJ. This free event, sponsored by Global Healthcare Management’s CEO, Jon Letko, is ... is geared towards children of all ages; it is a non-competitive, non-timed event, which ...
(Date:10/13/2017)... ... October 13, 2017 , ... ... viewers the lowdown on sciatica in a new episode of "Success Files," which ... current events and innovation and investigates each subject in-depth with passion and integrity. ...
Breaking Medicine News(10 mins):
(Date:10/4/2017)... Korea , Oct. 4, 2017  South Korean-based ... next-generation CPR training aide "cprCUBE" on Kickstarter. The device ... compression during cardiac arrests with better efficiency compared to ... also offers real-time feedback on efficacy of the compression ... crowdfunding campaign has a goal to raise $5,000. ...
(Date:10/2/2017)... 2, 2017 Diplomat Pharmacy, Inc. (NYSE: ... and Consulting, LLC , and named its founder as ... in Tennessee , will operate under ... EnvoyHealth,s service offerings for health care partners to include ... "In an interoperable world, technology delivers ...
(Date:10/2/2017)... announces the European launch of their new low volume, high throughput ... Cambridge, U.K on October 4th. The new ... unprecedented speed and sensitivity while using far less sample volume through ... ... ...
Breaking Medicine Technology: