Service agreement between Medwell Capital and Spectral Diagnostics is amended

    




 EDMONTON, Aug. 10, 2012 /CNW/ - Medwell Capital Corp. ("Medwell")  today announced that the service agreement under which Medwell provides  clinical, regulatory and capital markets consulting services to Spectral Diagnostics  has been amended to reflect a change in the level of service provided  retroactive to August 1, 2012. 

 The services provided by Medwell under the amended agreement will no  longer include clinical and regulatory consulting.  This will reduce  Medwell's costs to service this portion of the existing contract.  The  scope of services under the amended agreement will consist of corporate  services, including strategic planning and public relations (including  investor relations), in each case as required by Spectral to support it  in its clinical and commercial operations, and is set at $400,000 per  year plus expenses. 

 "We look forward to continuing with our commitment to Spectral through  this agreement and to work together to maximize the commercial value of  the Spectral opportunity," said Kevin Giese, President and CEO of  Medwell Capital. 

 About Spectral Diagnostics 

 Spectral is a Phase III company seeking U.S. FDA approval for its lead  theranostics product for the treatment of severe sepsis with 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 second theranostics trial in the area of sepsis. 

 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.  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 

 About Medwell Capital Corp. 

 Medwell Capital Corp. is a Canadian-based investment and advisory firm.   For further information please visit www.medwellcapital.com. 

 Neither TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release.   

 This press release may contain forward-looking statements, which reflect  the Company's current expectation regarding future events.  These  forward-looking statements involve risks and uncertainties that may  cause actual results, events or developments to be materially different  from any future results, events or developments expressed or implied by  such forward-looking statements.  Such factors include, but are not  limited to, changing market conditions, the successful and timely  completion of clinical studies, the establishment of corporate  alliances, the impact of competitive products and pricing, new product  development, uncertainties related to the regulatory approval process  and other risks detailed from time to time in the Corporation's ongoing  quarterly and annual reporting.  We undertake no obligation to publicly  update or revise any forward-looking statements, whether as a result of  new information, future events or otherwise. 

Medwell Capital Corp.


CONTACT:  Tony HesbyMedwell Capital Corp.780-413-7152780-408-3040 [e-mail]://www.medwellcapital.com Michael MooreInvestor RelationsTMX [e-mail] 


    

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