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CLX recently closed its acquisition of ThyroTest(R), a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease, and is currently implementing its ThyroTest(R) marketing program and establish distribution of the product with a national U.S. distributor. ThyroTest(R) is FDA cleared and has also achieved CLIA waived status, so the test can be administered in the more than 100,000 CLIA waived doctors' offices in the U.S., as well as in any non-waived laboratory.
Mr. Edgerton spent two decades in a variety of positions for McKesson Corporation, a Fortune 15 healthcare services and information technology company. From 1984 to 1997, Mr. Edgerton served as Vice President for McKesson, including Vice President of Credit (1984 to 1995); Vice President of Chain Development (1995 to 1996); and Vice President of National Accounts (1996 to 1997). As Vice President of National Accounts, Mr. Edgerton managed customers purchasing in excess of $1 billion annually and called on major food and drug chains to secure new business. While at McKesson, he also negotiated and prepared supply contracts for major drug companies, bringing in over $500 million of new business in one year. From 2000 to 2004, Mr. Edgerton served as Chief Executive Officer of Sun Drug, Inc., a retail drug business. Mr. Edgerton owns and has served as President and CEO of Edgerton Consulting since 1997. Edgerton Consulting provides consulting for business solutions in finance, marketing acquisitions, corporate restructuring, and general business practices.
"I am pleased to fill the position of Chairman of CLX Medical as the company begins to implement its strategy to market and distribute ThyroTest(R) in the U.S. and internationally," stated Mr. Edgerton. "Management believes that this product has a tremendous future in the large potential testing market for hypothyroidism, and we look forward to executing the next steps, which are expected to include the naming of a U.S. distributor and achieving the first new orders for the product."
"The Board also believes that, in spite of current conditions in the public markets, CLX Medical is well positioned in the medical diagnostic testing industry with both a product and a distribution system. As an FDA approved and CLIA waived product, ThyroTest(R) can provide cost savings with immediate testing and results in the doctor's office, rather than the more costly and time consuming process of sending out to a laboratory, and this clearly makes it a viable product even in today's marketplace," Mr. Edgerton added.
Additional information regarding Mr. Edgerton's appointment can be found in a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 8, 2009.
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About CLX Medical, Inc.
CLX Medical, Inc. (www.clxmedical.com) holds a 51% equity interest in Zonda, Inc. (www.zondaincusa.com), which has developed several rapid point of care tests for medical and non-medical markets, including a rapid test for chlamydia. CLX has also recently closed its acquisition of ThyroTest(R), a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease. CLX Medical is focused on the successful worldwide distribution of these and any additional products it may acquire or license.
All statements included in this release, including statements regarding potential future plans and objectives of CLX Medical, Inc. are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Medical's control. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements depending on many factors. Historical results are not necessarily indicative of future performance.
Contact: Gemini Financial Communications, Inc. A. Beyer 951-677-8073 Email Contact
SOURCE: CLX Medical, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=A3789C9F1DD2FF00
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