Advertisement
"During the first quarter of 2008, we continued to develop and executeprocesses that address the concerns we have faced as an organizationrecently," said Brent Norton, president and CEO of PreMD. "To date, we haveimplemented a comprehensive strategic plan which includes our FDA appealoptions and further reductions in the Company's cost structure. This willenable 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 advancingour late stage clinical trials with our cancer detection platform. We havealso maximized our cash resources and have made significant cutbacksthroughout the entire organization this quarter. With continued discretion inspending, we anticipate that our existing cash, exclusive of any potentialrevenues or additions, will sustain operations towards the end of the year."
Advertisement
"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 anappropriate means for resolution of the existing differences in opinion,including issuing a formal request for the dispute resolution. Our discussionsthus far with the FDA have been productive and we look forward to continuingour work in an effort to secure regulatory approval. Communications areongoing and the Company will provide further updates as additional informationbecomes available. In the interim, we are extremely pleased to continue toreceive support and commitment from our partner, AstraZeneca PharmaceuticalsLP, and medical colleagues throughout our appeal initiatives."
"During the first quarter, we were pleased to have our PREPARE (PREVU(x)Predicts Atherosclerosis Risk and Events) data selected as a highlightedposter at the American Heart Association Conference on Arteriosclerosis,Thrombosis and Vascular Biology (ATVB) recently. Subsequently, an articlebased on the data was published in HealthDay, which can be viewed on ourwebsite at http://www.premdinc.com/news_mediacov.htm."
PreMD is also appointing Paul Davis as a new member of the board ofdirectors. Mr. Davis has held senior executive positions in both public andprivate companies and in investment banking, and has served on several boardsof directors. Mr. Davis began his career at Davies, Ward & Beck (predecessorto Davies Ward Phillips & Vineberg LLP) and was also the Chief OperatingOfficer and a director of MedcomSoft Inc. and Executive Vice President andDirector, Investment Banking of Octagon Capital Canada Corporation. Mr. Daviswill be replacing Ron Henriksen, who is not standing for re-election toPreMD's board of directors at our upcoming annual meeting. "We look forward toworking with Paul Davis as a new addition to our board of directors," said Dr.Norton. "We also thank Mr. Henriksen for his valuable contributions during hisyears of service to PreMD and wish him success in his future endeavors."
As previously noted in PreMD's 2007 annual report and, pursuant to theAMEX Rule 610 for the year ended December 31, 2007, the Company has received agoing concern opinion from its independent auditors as a result of recurringoperating losses and negative cash flows from operations.
PreMD will be holding its annual general meeting (AGM) on May 21st, 2008at 4pm. The meeting will take place at The Design Exchange in the Patty Wattroom. The Design Exchange is located at 234 Bay Street in Toronto, Ontario.
Financial Review (All amounts are in Canadian dollars)
-----------------------------------------------
