|
|
|
|
|
|
|
|
|
 |
|
 |
AT THE COMPANY:
John Funkhouser, President, CEO
Paul Storey, Director of Finance
(919) 954-9871
INVESTOR CONTACTS:
Lippert/Heilshorn & Associates, Inc.
Bruce Voss (bruce)
(310) 575-4848
Ruth Markowitz (ruth)
(212) 838-3777
|
|
|
|
|
|
FOR IMMEDIATE RELEASE
December 2, 1998
CARDIOVASCULAR DIAGNOSTICS ESTABLISHES HOLDING COMPANY; ANNOUNCES NEW BOARD MEMBER
"PharmaNetics" Reflects Company Focus On Monitoring Developmental Drugs
RALEIGH, N.C. (December 2, 1998) - Cardiovascular Diagnostics, Inc. (NASDAQ NM: CVDI) ("CVDI" or the "Company") today announced that the Company’s shareholders have approved a holding company reorganization in which the Company will operate under the name of its new holding company, PharmaNetics, Inc. Under the terms of the reorganization, CVDI became a wholly owned subsidiary of PharmaNetics, Inc., a new corporation formed for the purpose of becoming a holding company for CVDI. Pursuant to the reorganization, each share of CVDI Common Stock was automatically converted into one share of PharmaNetics Common Stock and PharmaNetics shares will begin trading on December 3, 1998 on the NASDAQ National Market System under the ticker symbol "PHAR" at the start of the trading day. As a result of this reorganization, no changes occurred in the company’s current management or board of directors. Commenting on this change, John Funkhouser, President and CEO, noted "the Company is making excellent progress in establishing itself in the emerging field of theranostics, or the rapid near-patient testing in which the diagnostic results may influence treatment decisions. PharmaNetics is working closely with a number of pharmaceutical companies to develop rapid tests to monitor certain drugs under development that affect coagulation. The new name is reflective of the Company’s primary interest in developing theranostic tests for pharmaceutical companies with compounds having narrow therapeutic windows."
The Company is also pleased to announce that Mr. Christopher Gleeson, Senior Vice President and General Manager of Chiron Diagnostics’ Critical Care division has been appointed to the PharmaNetics’ Board of Directors. As part of the distribution agreement between Chiron Diagnostics and CVDI announced in August 1998, Chiron Diagnostics agreed to take a Board seat to enhance communication between the two companies and aid in developing PharmaNetics’ critical care strategic focus. Separately, Chiron and Bayer Diagnostics announced on November 30, 1998 that Chiron Diagnostics would become a part of Bayer Diagnostics. Mr. Funkhouser commented that "Mr. Gleeson is a welcome addition to our Board of Directors and is an advocate of the theranostics strategy. Chiron Diagnostics and PharmaNetics share a focus to provide rapid critical care diagnostics that impact therapy." Mr. Gleeson fills a vacancy and brings the total Board membership to six.
PharmaNetics, Inc. develops, manufactures and markets rapid turnaround diagnostics to assess blood clot formation and dissolution. The Company develops tests based on its proprietary, dry chemistry Thrombolytic Assessment System for its principal target market of powerful new drug compounds, some of which have narrow therapeutic ranges, as well as for monitoring routine anticoagulants. The Company’s therapeutic diagnostics are used in the treatment of angina, myocardial infarction (heart attack), stroke, deep venous thrombosis, and pulmonary and arterial emboli.
This press release contains forward-looking statements regarding future events and the future performance of PharmaNetics, Inc. that involve risks and uncertainties, such as risks related to market acceptance, clinical trials and dependence on third-party distributors and collaborative partners that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning these and other of the factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including Form 10-K, Form 10-Q and Form 8-K reports.
Note to editors: Please note that the PharmaNetics Inc., new logo is currently available on their website:
www.unispheremag.com
|
|
| |