AVANT DIAGNOSTICS ADDS TWO ESTEEMED, INTERNATIONALLY RECOGNIZED BOARD MEMBERS AND FILES ITS 2016 10-K IN PREPARATION OF GETTING CURRENT WITH THE SEC
Washington, DC, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Avant Diagnostics, Inc. ("Avant" or the “Company”) (OTC Pink: AVDX), today announced the addition of two internationally known oncology experts, Dr. Rajesh Shrotriya, M.D. and Andy DeLaO, to its Board of Directors, the appointments to be effective on Tuesday, August 28, 2018.
Dr. Rajesh Shrotriya, M.D., the former CEO and Chairman of Spectrum Pharmaceuticals (NASDAQ: SPPI), has over four decades of experience in the medical field, first as a dedicated physician and then as a pharmaceutical industry executive. Under his leadership, Spectrum identified, developed and commercialized several novel anti-cancer drugs. Prior to joining Spectrum, Dr. Shrotriya was Executive Vice President and Chief Scientific Officer for SuperGen, Inc. and Chief Medical Officer at MGI Pharma, Inc. Dr. Shrotriya’s pharmaceutical career began at Bristol-Myers Squibb, where he held various positions, the most recent being Executive Director Worldwide of CNS Clinical Research. Dr. Shrotriya is best known for his strategic thinking, and deep understanding of medical science including regulatory processes, not only at the Food and Drug Administration in the United States but also at regulatory agencies in Europe and Japan.
Andy DeLaO, aka "Cancergeek", is currently the Senior Director of Marketing for Accuray, Inc, a radiation oncology technology company that is innovating patient-first cancer treatment. Previous to this role, Andy spent over 8 years at GE Healthcare, where he held multiple roles assisting in developing and leading the Oncology Solutions Organization, Product Marketing for the Molecular Imaging business, and had managed $1.6 billion in innovative growth marketing strategies. In addition, Andy has worked with investment teams to bring oncology care and risk reduction facilities to emerging markets, and has built multiple cancer centers throughout the world.
Dr. Mick Ruxin, Avant’s new President & CEO stated, “This is a very exciting time for Avant as the Company continues to add internationally recognized, oncology-focused professionals during its restructuring process. I believe that with the talented team we are creating, along with the decades of knowledge and experience that the team brings to our oncology space, we have a greenfield opportunity and potentially a clear path towards future success”.
Also, the Company filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2016, which is in line with the timing of the Company’s restructuring plan. "This is a substantial accomplishment and milestone for the Company as we strive to take the next steps forward toward getting current," said Scott VanderMeer, Interim Chief Financial Officer. Dr. Mick Ruxin further added, “In accomplishing our plan, we believe we will bring value to our shareholders, to pharmaceutical and biotech companies interested in developing our Theralink® assay into a Companion Diagnostic, and most important of all, to the patients who will benefit from our technology." Avant’s new leadership anticipates becoming current in its filing requirements with the Securities and Exchange Commission in the coming months.
About Avant Diagnostics, Inc.
Avant Diagnostics, Inc. is a healthcare data-generating technology company that specializes in biomarker assay services that target multiple areas of oncology. Avant provides precision oncology data through its TheraLink® assays to assist the biopharmaceutical industry and clinical oncologists in identifying likely responders, initially for breast cancer, to over 70 FDA-approved drug treatments. Avant is the leading developer of phospho-proteomic technologies that measure the activation status of key signaling pathways, with applications across multiple cancer types, including breast, colorectal, non-small cell lung cancer and pancreatic. This technology is instrumental in the development of Companion Diagnostics for molecular-targeted therapies. Theralink® empowers community physicians and clinical trial investigators with actionable information to make time-sensitive treatment decisions for their patients. Theralink® is designed to inform physicians which treatments are likely to be effective for their patients at any given moment in time, and to also identify which treatments are likely to be ineffective. These data have the potential to improve treatment efficacy and reduce side effects by foregoing ineffective therapy.
For further information please visit http://www.avantdiagnostics.com.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on Avant's current expectations and actual results could differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, our ability to continue as a going concern; our need for additional financing; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that any of our products will receive regulatory or prove to be commercially successful. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except as required by law. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Investors should read the risk factors set forth in Avant's Annual Report on Form 10-K for the fiscal year ended September 30, 2016 filed with the Securities and Exchange Commission on August 27, 2018, and in other filings made with the Securities and Exchange Commission.
Avant Investor Relations: Scott VanderMeer Interim CFO Office: 708-710-9200 Email: firstname.lastname@example.org Source: Avant Diagnostics, Inc.
Released August 28, 2018