PreMD Reports First Quarter Results( - FDA appea...),Health

- FDA appeal progressing

- Appointment of new board of director

- PREPARE data selected as a 'highlighted' poster at American Heart Association Conference on Arteriosclerosis, Thrombosis and Vascular Biology

(ATVB) in Atlanta

TORONTO, May 15 /PRNewswire-FirstCall/ - Predictive medicine company PreMD Inc. (TSX: PMD; Amex: PME) today announced unaudited financial results for the first quarter fiscal 2008 ended March 31, 2008.

"During the first quarter of 2008, we continued to develop and execute processes that address the concerns we have faced as an organization recently," said Brent Norton, president and CEO of PreMD. "To date, we have implemented a comprehensive strategic plan which includes our FDA appeal options and further reductions in the Company's cost structure. This will enable us to reduce our expenses going forward, and extend our cash reserves. We are focused on the future and all that we can accomplish with PREVU(x) globally, our cosmeceutical opportunities and relationship, and in advancing our late stage clinical trials with our cancer detection platform. We have also maximized our cash resources and have made significant cutbacks throughout the entire organization this quarter. With continued discretion in spending, we anticipate that our existing cash, exclusive of any potential revenues or additions, will sustain operations towards the end of the year."

"With respect to our appeal of the non-substantially equivalent (NSE) letter from the US Food and Drug Administration (FDA) regarding our 510(k) submission, we have been in communication with the FDA to determine an appropriate means for resolution of the existing differences in opinion, including issuing a formal request for the dispute resolution. Our discussions thus far with the FDA have been productive and we look forward to continuing our work in an effort to secure regulatory approval.
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