CLX Medical, Inc. Announces Agreement for Kurt Kalm to Serve As Interim CFO
CLX Medical, Inc. (OTCBB: CLXN), which is focused on the marketing and distribution of unique medical diagnostic testing products, today announced an agreement with Kurt Kalm, an executive with over 30 years of international financial experience, to serve as interim chief financial officer of CLX Medical effective at the close of the company’s planned acquisition of ThyroTest(R).
ThyroTest(R), a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease, 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. CLX Medical has entered into a definitive agreement to acquire ThyroTest(R) and is seeking to close the acquisition as soon as possible.
Mr. Kalm has served as CFO of ThyroTec, LLC, the developer of the ThyroTest(R) device, since 2004. A former CPA, Mr. Kalm possesses investment banking experience in both the United States and Europe, including with Dillon Read and Arnhold and S. Bleichroeder. His financial management employment includes with General Mills and Honeywell International. Mr. Kalm was an early stage investor in New River Pharmaceuticals, which was eventually acquired by Shire Pharmaceuticals for $2.6 billion.
“We are extremely pleased that Kurt Kalm has agreed to join the CLX Medical team as CFO, effective at the close of our anticipated acquisition of ThyroTest(R),” commented Vera Leonard, chief executive officer of CLX Medical. “His extensive experience in high level investment banking and financial management is expected to be a great asset to the company as it implements a comprehensive marketing and distribution program for the ThyroTest(R) device.”
Mr. Kalm stated, “Having been involved with the ThyroTec since 2004, I look forward to working with the CLX Medical team to implement the company’s business strategy related to the ThyroTest(R) device.”
ThyroTest(R) is a qualitative rapid diagnostic test that allows physicians to screen adult patients for hypothyroidism in approximately ten minutes with a whole blood sample.
Hypothyroidism develops when the thyroid gland does not produce enough thyroid hormone to properly regulate the body’s metabolism. A lack of thyroid hormone affects many body systems. The incidence of hypothyroidism tends to increase with age, with older people, especially women, at highest risk. Common symptoms include weight gain, fatigue, mood swings, weakness, dry and coarse skin and hair, hair loss, depression, decreased libido, trouble swallowing, increased cholesterol, heavy or irregular periods or trouble getting pregnant.
Approximately 120 million thyroid-related lab tests are performed in the United States each year. At an estimated average cost of $40 per test, the U.S. market is currently valued at nearly $5 billion. Approximately 45 million of those tests are conducted in order to diagnose thyroid dysfunction. CLX believes that ThyroTest(R) is an appropriate, cost-effective first-step for those 45 million diagnostic TSH tests. This current U.S. market opportunity is amplified by the CLIA waived status, which makes the opportunity to meet American Thyroid Association recommendations for screening every individual at age 35 and every five years thereafter a reality.
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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 entered into a definitive agreement to acquire 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.