Message #23 From:
NewsBot Date: March 29, 2007 06:16:00 AM
SPRX News SpectRx, Inc. Elects New Directors
NORCROSS, Ga.--(BUSINESS WIRE)--SpectRx, Inc. (OTCBB: SPRX) announced the election of new members to the company’s board of directors.
The company’s board of directors elected Ronald W. Hart, Ph.D. and Michael C. James as directors, effective immediately. President and Chief Operating Officer Mark L. Faupel, Ph.D. was elected a director, effective upon the planned April 20, 2007 resignation from the board of William "Bill" D. Arthur, III.
“We welcome the new directors to the board and believe that they bring a wealth of talent and experience that will greatly benefit the company as we complete our FDA pivotal clinical trial and bring our non-invasive cervical cancer detection technology to market,” said Mark A. Samuels, chairman and CEO of SpectRx, Inc.
“I am pleased to be associated with the gifted people and exciting new technology at SpectRx,” said Dr. Hart. “I believe that the non-invasive cervical cancer test has the potential to positively affect the health and welfare of millions of women worldwide. Conceivably, this technology also can be applied to other epithelial cancers such as skin, lung and breast. Moreover, I believe the interstitial fluid technology of SpectRx may eventually be of paramount importance in the successful monitoring of various biomarkers of human disease, including cancer.”
Dr. Hart has published over 600 peer-reviewed publications, has been appointed to a number of academic positions and is credited with developing the first direct proof that DNA is causal in certain forms of cancer. He chaired a number of federal committees and task forces, including the development and implementation of the Technology Transfer Act of 1986 and the White House Task Force on Chemical Carcinogenesis. In 1980, Dr. Hart was appointed Director of the National Center for Toxicological Research (NCTR), the research arm of the FDA, a position he held until 1992. In 1992, Dr. Hart was the first ever Presidential Appointee to the position of Distinguished Scientist in Residence for the US Public Health Service/FDA, a position he held until his retirement in 2000. Dr. Hart received his Ph.D. in physiology and biophysics from the University of Illinois. Dr. Hart currently serves on the boards of directors of Miltos Pharmaceuticals, WaterChef, Inc. (WTER) and Immunovative, Inc. and since 2002, has helped in the development of business strategy for a number of start-up companies.
Mr. James is the Managing Partner of Kuekenhof Capital Management, LLC, a private investment management company. Mr. James also holds the position of Managing Director of Kuekenhof Equity Fund, L.P. and Kuekenhof Partners, L.P. He was employed by Moore Capital Management, Inc., a private investment management company from 1995 to 1999 and held position of Partner. He was employed by Buffalo Partners, L.P., a private investment management company from 1991 to 1994 and held the position of Chief Financial and Administrative Officer. He was employed by National Discount Brokers from 1986 to 1991 and held positions of Treasurer and Chief Financial Officer. He began his career in 1980 as a staff accountant with Eisner, LLP. Mr. James received a B.S. degree in Accounting from Fairleigh Dickinson University in 1980.
Dr. Faupel is President and Chief Operating Officer, managing SpectRx's development activities for the non-invasive cervical cancer detection business and interstitial fluid analyte monitoring, including glucose. He has more than 20 years of experience in developing non-invasive alternatives to surgical biopsies and blood tests, especially in the area of cancer screening and diagnostics. Prior to coming to SpectRx in 1998, Dr. Faupel was the inventor, co-founder and Vice President of Research and Development at Biofield Corp. His work in early stage cancer detection has won two international awards and he is a former member of the European School of Oncology Task Force. Dr. Faupel serves as a National Institutes of Health reviewer, is the inventor on 15 U.S. patents and author of numerous scientific publications and presentations, appearing in such peer-reviewed journals as The Lancet. Dr. Faupel earned his Ph.D. in neuroanatomy and physiology from the University of Georgia.
About SpectRx
SpectRx, Inc. (OTCBB: SPRX) is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to quickly eliminate false positive Pap and HPV results and discover cervical disease missed by existing tests. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately.
The SpectRx non-invasive cervical cancer detection test uses light to scan the cervix for disease. The test is designed to be painless and to provide results immediately. It is also designed to be performed by a technician, freeing the physician to see other patients. The system consists of a base unit and a single-patient-use disposable calibration and patient interface. The test is currently undergoing the U.S. Food and Drug Administration pivotal clinical trial necessary to apply for regulatory approval. The test could reduce unnecessary cervical biopsies by 55%, while accurately detecting disease, according to results of a study published in the January 2007 edition of the Journal of Lower Genital Tract Disease.
The SpectRx Non-invasive Cervical Cancer Detection Device is an investigational device and is limited by federal law to investigational use.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from SpectRx’s actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in SpectRx’s reports filed with the SEC, including SpectRx’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005, as amended, and subsequent quarterly reports.
