RECENT PRESS RELEASES
April 19, 2010 - CDEX INC. APPOINTS DONALD W STRICKLAND AS ITS NEW CEO
Tucson, Arizona – April 19, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces that its Board of Directors has appointed Donald W. Strickland as its new CEO. Mr. Strickland, a Director of the Company, has served in senior management positions for over 30 years and has successfully developed businesses for both large public companies and technology startups. He has held executive positions at Eastman Kodak Company and Apple Computer, including heading product development, manufacturing, and sales organizations. In 1996 he became CEO of PictureWorks Technology, a technology startup, which he sold for $200M in 2000 to IPIX Corporation, a public company traded on the NASDAQ exchange. Thereafter, he served as President and CEO of IPIX through 2004, during which time he led the company through a major restructuring, focusing on the security markets and taking the company to profitability. Mr. Strickland holds a Bachelor's Degree in Physics from Virginia Tech, a Master's Degree in Physics from the University of Notre Dame, a Master's Degree in Optics from the University of Rochester, a Master's Degree in Management from Stanford University and a Law Degree from George Washington University. He replaces Malcolm Philips, the founding CEO and Chairman of the Board.
“Mr. Strickland is a seasoned senior executive who has demonstrated his capability to lead both private and public companies in commercializing products and maximizing value for shareholders,” said Malcolm Philips. “I can think of no better or more qualified person to take the reins of the Company and we are very pleased with this appointment.”
“I am pleased to assume the position of CEO and look forward to a year of strong growth and increased opportunities for the Company,” said Don Strickland. “Demand for ValiMed™ MVS has picked up this year and we recently announced substantial progress made on our financial restructuring plan. These are two important leading indicators for the success of the Company.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, contact Greg Firmbach at greg.firmbach@cdex-inc.com.
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseApril 16, 2010 - CDEX INC FINANCIAL RESTRUCTURING PLAN ACHIEVING RESULTS
Tucson, Arizona – April 16, 2010 – On February 19, 2010 CDEX announced it had entered into a Financial Restructuring Plan that immediately restructured certain existing debt into two year notes, with a provision for extending these notes to other creditors. Today, CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces that the response of CDEX creditors to the Plan has been strong with over 90% of the outstanding notes and over 50% of the accounts payable being converted to long term two year notes or written off. This restructuring of the Company’s financial debt coupled with the $450,000 in financing raised in phase one and the increase in Company revenue from its ValiMed™ MVS product line (see April 14, 2010 Press Release related to new orders) is moving the Company toward financial stability. ValiMed MVS is used to validate the compounding of high-risk liquid medications in a pharmacy setting and also as a verification and trending program to identify and reduce the diversion of return narcotics in hospitals and other healthcare facilities.
“Our creditors have continued to work with us to achieve a stable financial platform for the Company,” said Stephen McCommon, CDEX’s CFO. “As we continue to seek investment funding, the financial picture is beginning to clear, particularly with the upturn in ValiMed MVS orders across the country. With these increased orders, 2010 is continuing to look like a return to record revenues of 2007 and 2008.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseApril 14, 2010 - FIVE NEW HOSPITALS ORDER VALIMED™ MVS BY CDEX TO PROTECT PATIENTS
Tucson, Arizona – April 14, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces it has received five orders for ValiMed™ Medication Validation Systems (MVS) from new hospital clients in states including Illinois, Pennsylvania, Florida, and Colorado. Studies worldwide continue to show high numbers of mistakes in the compounding of high-risk medications resulting in substantial harm to patients and economic loss to hospitals. ValiMed MVS is used to validate the compounding of high-risk liquid medications in a pharmacy setting and also as a verification and trending program to identify and reduce the diversion of return narcotics in hospitals and other healthcare facilities.
“The new orders for ValiMed™ MVS Units demonstrate the traction we are gaining with the new marketing direction that I introduced at CDEX last year,” said Greg Firmbach, CDEX President. “I have expanded the sales force in the wake of these new orders and expect the momentum to grow over this year. We are looking at additional sales channels to take advantage of the loosening medical budgets and the growing recognition that human errors in the compounding of high risk medications are harming patients – directors of pharmacy know this to be the case and ValiMed™ MVS provides another arrow in their quiver of tools to protect patients, all for about $2.70 per test.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseApril 12, 2010 - MEDICATION SAFETY AND NARCOTIC DIVERSION PREVENTION EQUIPMENT SHOWCASED BY CDEX AT HCP
Tucson, Arizona – April 12, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces demonstration of its ValiMed™ Medication Validation System (MVS) to Directors of Pharmacy at the Health Connect Partners (HCP) Reverse Expo in San Diego, CA on April 12-14. Studies worldwide continue to show unacceptable frequency of mistakes in the compounding of high-risk medications resulting in substantial harm to patients and economic loss to hospitals. In an 18-month University of Michigan Health System study, ValiMed identified 5 major medical errors (see http://www.ns.umich.edu/htdocs/releases/story.php?id=6255 ). ValiMed MVS is used to validate the compounding of high-risk liquid medications in a pharmacy setting and also as a verification and trending program to reduce the diversion of return narcotics in hospitals and other healthcare facilities.
“ValiMed MVS is another arrow in the quiver of pharmacy directors who have patient safety as one of their top priorities,” said Greg Firmbach, CDEX President. “ValiMed MVS provides a technological safety net in the compounding of high risk medications and the “Quality and Quantity” tools necessary to identify and prevent narcotic diversion.”
“HCP is a unique venue allowing CDEX to talk one-on-one with hospital Pharmacy Directors about patient safety,” continued Firmbach. “During the three-day event, CDEX’s three attending employees will have the potential of making over 90 quality presentations to hospital decision makers as well as networking with the over 200 hospital directors attending. This type of show fits perfectly into our strategic mix of marketing efforts designed to place at least one ValiMed MVS in every major hospital.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseFebruary 19, 2010 - CDEX INC ANNOUNCES FINANCIAL RESTRUCTURING PLAN
CDEX closes first phase of financial restructuring; Carmen J. Conicelli appointed Board Chairman; CEO Search Continues.
Tucson, Arizona – February 19, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces that it has closed the first phase of a financial restructuring plan which provides funds to drive expanded marketing and sales, conversion of existing debt into a two year Note and an offering to certain other creditors to also participate in the Note. The specifics of the restructuring plan are provided in the Company’s SEC filings, but include an initial cash infusion of $450,000 with an opportunity for follow on investment and a restructuring of the note held by the Company’s largest creditor, Gemini Master Fund, Ltd.
In addition, the Board of Directors has appointed Mr. Carmen Conicelli as its new Chairman. Mr. Conicelli, the current CFO of Edmund Optics, Inc., joined the Board in 2008 with over 30 years of industry financial experience and a strong focus in the international community.
“Mr. Conicelli has been at the heart of our financial restructuring and I am very pleased with his appointment,” said Malcolm Philips, CDEX CEO and former Chairman. “His appointment, which follows our recent announcement of appointment of Greg Firmbach as the Company’s new President and initiation of a CEO search, continues our strategy of focusing the company on top line revenue and strong financial performance.”
“The financial restructuring will allow us to fund our short term growth plans and move to the next level,” said Mr. Conicelli. “It puts the Company on more solid financial footing and is beginning to draw out some very well qualified CEO candidates. The Board looks forward to working with the new management team to move the Company forward.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseFebruary 11, 2010 - CDEX INC SEEKS COMMERCIALIZATION MANAGEMENT TEAM TO SUPPORT INCREASED SALES PROJECTIONS FOR 2010
CDEX begins CEO search and reorganization of Board of Directors.
Tucson, Arizona – February 11, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces that it is beginning a search for a new CEO with product commercialization and public company experience to lead the company in the expanding market climate of 2010 (see the new CEO Corner update and additional information on the Company’s web site). In addition, Greg Firmbach will join the Company’s Board of Directors.
“With the upswing in ValiMed™ MVS units under contract and the need to look again at increasing ValiMed™ production for 2010, I believe it is time to bring in a new commercialization management team to take us to the next level,” said Malcolm Philips, CDEX CEO. “Greg Firmbach, our new President, is the cornerstone of that Team. To complement Greg’s strengths in sales and marketing, we are beginning a search for a new CEO with outstanding product commercialization and public company experience. While we already have several candidates that have stepped forward, interested and qualified persons should contact us.”
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseFebruary 10, 2010- CDEX APPOINTS GREGORY FIRMBACH AS PRESIDENT
Tucson, Arizona – February 10, 2010 – CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announced today that its Board of Directors has appointed Gregory Firmbach as its new President. Firmbach, formerly CDEX Senior Vice President, has served for over 25 years in senior positions in the healthcare industry. He has led divisions and companies (both public and private) in all aspects of successful development, launch and expansion of both software and hardware products related to the healthcare industry. In his new role, he will lead the company’s strategic growth.
“Greg is a seasoned executive with outstanding credentials in the successful development and launch of healthcare products in both public and private companies,” said Malcolm Philips, CDEX CEO. “He has designed and implemented our sales and marketing strategies during these turbulent economic times and his appointment gives greater focus to revenue production as our continuing top priority.”
“I am honored with this appointment and will continue to make revenue production the top priority for CDEX,” said Firmbach. “We are ideally positioned to make 2010 a banner year focused on revenue growth and product development. We recently enhanced our revenue model to ready our company for growth including significant changes to our customer service and marketing focus.”
“The goal I am setting for the Medication Safety Division is to establish the CDEX ValiMed™ Medication Validation System (MVS) as the standard for prevention of human error in the compounding of high risk medications and the diversion of hospital narcotics,” Firmbach continued.
Firmbach said the company will also fully support the efforts of the Emily Jerry Foundation and The Quaid Foundation to prevent human error in hospitals. The Emily Jerry Foundation recently endorsed the life-saving capability of the CDEX technology. The ValiMed MVS delivers a real time validation of The Right Drug at The Right Dose for about $2.50 per test.
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapseJanuary 19, 2010 - EMILY JERRY FOUNDATION ENDORSES LIFE-SAVING TECHNOLOGY NON-PROFIT SUPPORTS THE VALIMED™ MEDICATION VALIDATION SYSTEM BY CDEX
Device is clinically proven to save lives
CLEVELAND, OHIO – January 19, 2010Nearly four years after the loss of Christopher Jerry’s two-year-old daughter, Emily, the anguish over her accidental death lingers on. Now, as the head of a non-profit foundation working to prevent medical errors, Jerry is entering the new year with a renewed sense of purpose promoting an all-new life-saving technology in honor of Emily.
Today, the Emily Jerry Foundation announced a new partnership with CDEX, Inc. to build public awareness about its pioneering chemical detection equipment designed to ensure medical facilities are delivering the right medications to patients.
Jerry, who formed the non-profit group to push for federal legislation to avoid medical errors like the one that claimed his daughter’s life, is actively promoting the life-saving capability of the CDEX ValiMed™ Medication Validation System (MVS) as an imperative device in the prevention of human pharmaceutical errors. Jerry endorsed the product as life-saving equipment that could prevent the death of other toddlers.
ValiMed™ MVS is a technological safety net that provides protection from medication errors for patients, pharmacists and hospitals. The table-top device ─ engineered to eliminate mistakes made while mixing compounds at a hospital ─ uses a technique called enhanced photoemission spectroscopy to determine if the compounds are correct.
“I plan to do everything possible in my daughter’s memory to prevent these horrible tragedies from occurring over and over again,” said Jerry, president and chief executive officer of the Mentor, Ohio-based Emily Jerry Foundation. “Technology like the CDEX ValiMed™ MVS equipment is clinically proven to save lives and can prevent the death of other children.”
Emily Jerry died in March 2006 when a pharmacy technician’s mistake led to the delivery of a fatal dose of saline solution. Her death came only three days after receiving the lethal dose during what should have been her final chemotherapy treatment. The grapefruit-sized tumor in her abdomen was gone and her parents were planning a trip to Disney World when the toxic mixture was administered.
“ValiMed™ MVS is the only technology available today that prevents harm to patients from human errors in the compounding of high-risk medications,” said Jerry. “We can immediately begin saving lives with the ValiMed™ MVS system. Let’s act now to prevent any more senseless deaths from occurring by asking all medical facilities compounding intravenous medications to install and use the ValiMed™ MVS by CDEX in their pharmacies.”
CDEX is a Tucson, AZ-based company specializing in chemical detection technologies with a vision for saving lives and protecting assets. “We are proud to partner with and accept the endorsement of the Emily Jerry Foundation,” said CDEX Senior Vice President Gregory A. Firmbach. “The foundation’s mission of preventing adverse drug events from occurring aligns perfectly with the designed functionality of ValiMed™ MVS. Our system was designed as a final check to prevent medical errors in the compounding of high-risk drugs in the hospital pharmacy thereby saving lives, enhancing patient safety and eliminating that liability exposure for the hospital.”
Worldwide studies continue to show that human errors in the compounding of high-risk medications occur frequently, often result in death or serious injury and the diversion of medical narcotics is a continuing problem.
A University of Michigan study of the ValiMed™ MVS was published in the American Journal of Health System Pharmacists. During the study, five potentially serious medication errors were averted over an 18-month period at C.S. Mott Children’s Hospital in the University of Michigan Health System utilizing the technology. The research team received the 2009 American Society of Health-System Pharmacists Literature Award for Pharmacy Practice Research. For more information on the study, go to www.ns.umich.edu/htdocs/releases/story.php?id=6255.
About the Emily Jerry Foundation
The Emily Jerry Foundation was established in May 2009 on the premise that every child born into this world is truly a miracle. The non-profit organization was formed shortly after Ohio legislators passed Emily’s Law, which created licensing and minimum education requirements for pharmacy technicians. The foundation’s mission is to protect children from medical errors. The foundation is actively working to save lives as well as make medical facilities safer by partnering with key organizations and businesses to promote life-saving technology. Support for the Emily Jerry Foundation will ensure the organization can immediately begin saving lives. For more information or to make a donation, go to www.emilyjerryfoundation.org.
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ MVS product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, go to www.cdexinc.com..
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks and uncertainties that cannot be accurately predicted or quantified and, consequently, actual results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
« collapse