CASTLE ROCK, Colo.,
April 10, 2017 /PRNewswire/
-- Bioptix, Inc. (Nasdaq: BIOP) ("Bioptix" or the "Company"),
announced that its board of directors has appointed Michael M. Beeghley as chief executive officer
effective as of April 6, 2017. Mr.
Beeghley succeeds Steve Lundy, who
resigned as of April 6, 2017 from his
role as president and chief executive officer, and member of the
board of directors. Mr. Beeghley will continue in his role as
Chairman of the Company's Board of Directors. Mr. Lundy's
resignation was not the result of any disagreement with the
Company.
Michael Beeghley, incoming Chief
Executive Officer of Bioptix, stated, "I want to recognize and
thank Steve Lundy for all his
efforts over the years." Mr. Beeghley continued, "Bioptix continues
to advance on strategic objectives to increase value for its
shareholders. This is evidenced by recently announced activities
and transactions. We will continue to focus on advancing these
initiatives."
About Bioptix
The Company operates in two separate business segments. As
exclusive licensee of the University of
Washington in St. Louis
("UW") the Company focuses on animal healthcare and owns important
intellectual property rights related to veterinary products and has
granted a license relating to single chain reproductive hormone
technology for use in no-human mammals which is under active
development by the licensee (bovine rFSH). The Company is also
a diagnostic and testing company which had been involved in
developing blood-based testing for diagnosis and treatment of acute
appendicitis until a negative response from the FDA in
2014. Since 2016 with the acquisition of Bioptix Diagnostics,
Inc. the Company has been seeking commercialization of Enhanced
Surface Plasmon Resonance ("eSPR") instruments designed to increase
the flexibility and reliability of SPR for a broad range of
applications. The Company is reviewing possible strategic
alternatives for acquisitions. Relative to its diagnostic and
instrument business, the Company is exploring alternatives
including possible sale, and has adopted a workforce reduction plan
after suspending further development of the eSPR technology.
Forward Looking Statements:
This press release contains "forward-looking statements"
regarding matters that are not historical facts, including
statements relating to the Company's operations and future
strategic acquisitions. Because such statements are subject to
risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Words such as "anticipates," "plans," "expects," "intends," "will,"
"potential," "hope" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based upon current expectations of the Company and
involve assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties. Detailed
information regarding factors that may cause actual results to
differ materially from the results expressed or implied by
statements in this press release relating to the Company may be
found in the Company's periodic filings with the Securities and
Exchange Commission, including the factors described in the section
entitled "Risk Factors" in its annual report on Form 10-K for the
fiscal year ended December 31, 2016,
as amended and supplemented from time to time and the
Company's Quarter Reports on Form 10-Q and other filings submitted
by the Company to the SEC, copies of which may be obtained from the
SEC's website at www.sec.gov. The parties do not undertake any
obligation to update forward-looking statements contained in this
press release.
Contact: InvestorRelations@venaxis.com
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SOURCE Bioptix, Inc.