EDTXF Spectral Medical Inc (PK)

TORONTO, Dec. 5, 2012 - Spectral Diagnostics Inc. (TSX: SDI) (OTCQX: DIAGF), a Phase III company developing the first theranostic treatment for patients with septic shock, today announced that 76 patients have been randomized into its EUPHRATES trial and have been followed for 28 day mortality assessment in accordance with the trial's protocol.

A meeting of the trial's Data and Safety Monitoring Board (DSMB) has been scheduled for the end of January, 2013. The DSMB will evaluate the interim data to determine if there are any safety concerns and if they are satisfied with the study conduct. Spectral anticipates that it will disclose the details of this interim analysis by the end of February, 2013.

"We achieved this enrollment milestone for our first planned interim analysis due to the commitment of our site investigators and the trial's steady patient enrollment rate," said Dr. Paul Walker, President and CEO of Spectral Diagnostics. "We are looking forward to the results of this analysis on the trial's conduct and safety. Our second planned interim analysis will provide valuable information to guide the completion of this Phase III trial."

The second interim analysis will occur after 184 randomized patients have been followed for 28 days. At the second analysis, the DSMB will advise Spectral on the trial's safety, efficacy or futility, with stopping rules in place for efficacy and futility. A sample size recalculation will be done if necessary. Management remains on track to disclose information from the second interim analysis in the first quarter of 2014.

Spectral's EUPHRATES trial continues to track at a higher-than-predicted composite mortality rate, which is the combined mortality rate for the treated and the placebo groups (approximately 35% compared to a predicted rate of 27.5%). The higher composite mortality rate suggests that patients who are most at risk and most likely to benefit from treatment are being randomized into the trial. Spectral continues to initiate sites in Canada and the United States into the EUPHRATES trial in order to meet recruitment targets. The trial is currently targeted to enroll 306 evaluable patients at up to 60 North American sites. Contingent on maintaining current enrolment rates and timely site start ups, the trial should be fully enrolled by the end of 2014.

EUPHRATES is a randomized, double-blind controlled clinical trial that compares standard of care versus standard of care and Toraymyxin, directed by Spectral's EAA™ Endotoxin Activity Assay. Spectral's EAA™ is the only FDA-cleared diagnostic for the risk of developing sepsis. The target population for EUPHRATES is critically ill patients with septic shock and endotoxemia (as measured by the EAA™). The trial's primary endpoint is 28-day mortality.

Toraymyxin has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively in more than 100,000 patients to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for Toraymyxin, and in November, 2010 signed an exclusive distribution agreement for this product in Canada. More than 250,000 patients are diagnosed with severe sepsis and septic shock in North America each year, representing a greater than $1 billion market opportunity for Spectral.

About Spectral Diagnostics

Spectral is a Phase III company seeking U.S. FDA approval for its lead theranostics product for the treatment of septic shock. Toraymyxin is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream. Directed by the Company's Endotoxin Activity Assay (EAA™), the only FDA-cleared diagnostic for the risk of developing sepsis, Spectral's EUPHRATES trial is the world's first theranostics trial in the area of sepsis.

Spectral is listed on the Toronto Stock Exchange under the symbol SDI, and on the OTQ QX under the symbol DIAGF. For more information please visit www.spectraldx.com

Forward-looking statement

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral's senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

SOURCE: Spectral Diagnostics Inc.

For further information:

Anthony Businskas

Executive Vice President and CFO

416-626-3233 ext. 2200

Adam Peeler

Investor Relations

416-815-0700 ext. 225

apeeler@tmxequicom.com