DiagnoCure's Board Maintains its Recommendation to Vote for Current Directors
QUEBEC CITY, April 15, 2013 /PRNewswire/ - Following the adoption by its Board of directors of an advance notice policy, DiagnoCure Inc. (TSX: CUR)(OTCQX: DGCRF) (the "Corporation") announces that a shareholder has submitted nominations for election as directors of the Corporation at the upcoming Annual and Special meeting of shareholders of April 29, 2013 at which five directors will be elected.
Nominations Pursuant to the Advance Notice Policy
The Corporation informs its shareholders that three nominations have been received from a shareholder, Mr. Todd Axelrod, who is proposing Me Pierre Dozois, Mr. Paul Guay and Mr. Hans Mäder as directors. Collectively, these three nominees hold less than 1% of the shares of the Corporation. The Board of Directors of DiagnoCure recommends not to vote for them.Importance of Continuity for the Future of DiagnoCure DiagnoCure believes it is important that the skill sets of its board members complement each other; thus, providing for a Board that functions cohesively. The independent Board members of the Corporation have carefully considered the needs of DiagnoCure in selecting the best candidates to act as directors. Because of their wide-ranging experience and expertise with public companies, R&D activities, oncology, urology, administration, private and public partnerships, corporate governance, finance and financing activities, and in the biotechnology and pharmaceutical industries, the team proposed by DiagnoCure provides an optimal balance. Moreover, the arrival of Dr. Jacques Simoneau and Mr. Andy Sheldon to DiagnoCure's Board, has contributed dramatically to the development of a new momentum at the Corporation, which includes a strong focus on increasing shareholder value. Royalties received from sales of the FDA-approved PROGENSA ® PCA3 assay in the United States increased by 84% in the first quarter of 2013 compared with the same period in 2012. Moreover, a productive dialogue is ongoing with Hologic's management regarding ways to optimize the value of the PROGENSA ® PCA3 assay for both companies. In addition, evidence continues to build in the clinical community supporting the concept that PCA3 can become a product of reference to help better diagnose prostate cancer patients. DiagnoCure has also intensified its active effort to license the Corporation's Previstage™ GCC technology. The DiagnoCure management team is currently in discussions with potential partners with the right commercial presence in the diagnostic market. Based upon the datasets generated in several clinical studies, DiagnoCure believes that Previstage™ GCC represents a significant advance in clinical practice, providing physicians with a more sensitive tool for staging patients with colorectal cancer.