We've updated our Privacy Policy to make it clearer how we use your personal data.

We use cookies to provide you with a better experience. You can read our Cookie Policy here.

Advertisement
Medwell Capital and Spectral Diagnostics Announce Completion of Plan of Arrangement
News

Medwell Capital and Spectral Diagnostics Announce Completion of Plan of Arrangement

Medwell Capital and Spectral Diagnostics Announce Completion of Plan of Arrangement
News

Medwell Capital and Spectral Diagnostics Announce Completion of Plan of Arrangement

Read time:
 

Want a FREE PDF version of This News Story?

Complete the form below and we will email you a PDF version of "Medwell Capital and Spectral Diagnostics Announce Completion of Plan of Arrangement"

First Name*
Last Name*
Email Address*
Country*
Company Type*
Job Function*
Would you like to receive further email communication from Technology Networks?

Technology Networks Ltd. needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy

Spectral Diagnostics Inc. and Medwell Capital Corp. have announced that they have completed their previously announced plan of arrangement, pursuant to which Medwell acquired a further 33,333,333 Spectral common shares for $10 million, at a subscription price of $0.30 per share, the gross proceeds of which will be used primarily to advance Spectral’s Toraymyxin, a treatment for severe sepsis, through to the end of its U.S. Phase III EUPHRATES trial and data release.

Pursuant to the Arrangement, Medwell also distributed 54,282,834 Spectral Shares to its shareholders, representing approximately $16.3 million in value based on the $0.30 Spectral Share subscription price.

In connection with the Arrangement, Mr. Kevin Giese has been appointed as Chairman of the Board of Directors of Spectral and Mr. Ian Lennox has been appointed as the Lead Independent Director of the Board of Directors of Spectral.

Medwell now holds approximately 15,200,000 Spectral Shares, representing approximately 13.4% of the issued and outstanding Spectral Shares (calculated on a non-diluted basis), and also holds 15,200,000 Spectral warrants, which are exercisable at $0.60 and expire on March 2, 2014.

Advertisement