SALT LAKE CITY, April 22, 2022 (GLOBE NEWSWIRE) -- Stella Diagnostics, Inc. (OTC: SLDX), a molecular diagnostics-based organization optimizing patient management strategies for precancerous and cancerous esophageal diseases, today announced leadership changes in conjunction with the next phase of its business plan. In order to successfully implement new processes, products, and business strategies, Dr. Joe Abdo will assume the newly created position of Chief Scientific Officer, and David Seaburg, who is currently a member of Stella Diagnostics’ Board of Directors, has been appointed Chief Executive Officer.
The planned leadership transition reflects Stella Diagnostics’ Board of Directors succession planning process. Accordingly, the Board conducted a comprehensive evaluation of internal and external candidates. Following a thorough assessment, the Board unanimously determined the leadership changes.
Daniel Wainstein, Chairman of Stella Diagnostics' Board of Directors, said, “This leadership transition marks an important inflection point for Stella Diagnostics, since it will provide both Joe and David the opportunity to focus on the areas they know best. Since coming on board as a Director, David has been a key member of our leadership team. Joe has proven himself as a strong leader with an extensive knowledge of molecular oncology research and precancerous and cancerous esophageal diseases. The Board looks forward to working with David, Joe, and the rest of management to drive our strategy forward and continuing to create meaningful value for shareholders.”
David Seaburg brings extensive global commercialization and finance skills from executive leadership roles in his distinguished career on Wall Street. Mr. Seaburg has most recently served as President and CEO of PolarityTe, Inc. Prior to becoming President and CEO, he served as President of Corporate Development while serving on the company’s Board of Directors. During his 25-year career on Wall Street, Mr. Seaburg served as the Managing Director and Head of Sales Trading at Cowen & Company, a diversified financial services company with a focus on biotech and healthcare issuance. In 2006, Mr. Seaburg was named Head of Sales Trading and appointed to the firm’s Equity Operating Committee. Mr. Seaburg was a CNBC Fast Money Contributor and provided regular on-air commentary for the network. He holds a Bachelor of Arts degree in Business Finance and Economics from Northeastern University.
Dr. Joe Abdo has over a decade of experience in molecular oncology research, as well as business development in both private and public biotechnology organizations. He has won several awards for his research and published over a dozen articles and a text book in the fields of molecular oncology, proteomics, genomics, immunotherapy and gastrointestinal diseases, placing advancements in patient care at the forefront of his work.
Dr. Joe Abdo, Chief Scientific Officer of Stella Diagnostics, said, “It has been my passion for many years to lead the effort to develop first-line diagnostic tools that provide superior molecular information for patients with few treatment options. I am looking forward to the next phase of development, as well as being the key collaborator with our research partners at the Mayo Clinic and the University of Kansas Medical Center.”
David Seaburg, Chief Executive Officer of Stella Diagnostics, said, “I am honored to have this opportunity to work with Joe and the Board to lead Stella Diagnostics through its next phase of growth and development. Our objective is to develop and monetize tests that can be commercialized and provided to doctors and medical institutions to assist with the identification of diseases related to the tissue of the lower esophagus. Based upon years of robust research by the principals of the Company prior to establishing Stella Diagnostics, we believe the proprietary panel of biomarkers in the tests we are developing can notify providers of common diseases of the esophagus, like GERD and Barrett’s esophagus, much earlier than the current standard screening protocols. I look forward to building on our strong foundation developed by Joe and his team.”
About Stella Diagnostics
Stella Diagnostics, Inc. is a molecular diagnostics-based organization focused on improving patient management strategies for over 60 million people living with severe esophageal disease. Stella Diagnostics’ clinical assay will offer physicians insight into the molecular properties of their patients' tissue to determine if the disease is stable, progressing or turning cancerous. Using targeted mass spectrometry proteomics, we believe that informing physicians of the expression patterns playing a role in the pathogenesis of GERD, Barrett's esophagus and esophageal cancer early in the treatment plan may extend or save lives.
Currently, Stella Diagnostics has four tests in the pre-commercialization development stage. Each test is based on different sets of biomarkers. The STLA101 panel consists of novel biomarkers that may be predictive of carcinogenesis in precancerous esophageal tissue. STLA102 consists of biomarkers associated with increased efficacy of resistance to all of the FDA approved chemotherapies and targeted therapies for esophageal adenocarcinoma. The STLA103 panel detects and quantifies proliferation markers discovered and published by Abdo, et al (2015) in which expression trends of these markers would be indicative of rampant cellular multiplication which is a molecular hallmark of cancer. The STLA104 panel detects and quantifies cell-death markers discovered and published by Abdo, et al (2015) in which expression trends of these biomarkers assess a decline in programmed-cell death or apoptosis which can be another hallmark of carcinogenesis. For more information, please visit www.stelladx.com.
Forward Looking Statements
Certain statements made in this press release are "forward looking statements" that are based on Stella Diagnostics' beliefs, assumptions, current expectations, estimates and projections. Forward looking statements involve known and unknown risks and uncertainties that may cause forecasted results to differ from actual results. Such risks include, but are not limited to market conditions, competitive factors, the ability to complete the proposed transaction and other such related risks. Stella Diagnostics can give no assurances that any projections related to revenues, profit margins or profits will be realized. Statements that are not historical fact, including without limitation statements which are preceded by, followed by or include the words "believes," "anticipates," "plans," "expects," "estimates," "may," "should," "intends," or similar expressions are forward looking statements. While Stella Diagnostics believes these assumptions, expectations, estimates, and projections are reasonable, such statements are subject to risks and uncertainties, certain of which are beyond our control and therefore, actual results may differ materially. Stella Diagnostics believes that many of the risks detailed here are part of doing business in the industry in which we would operate and compete. Forward looking statements only speak as of the date hereof and we do not undertake and expressly disclaim any obligation to update or release any revisions to any forward-looking statement whether as a result of new information, future events or otherwise except as required by law. While we believe the information used in this press release to be reliable, its accuracy has not been independently verified and cannot be guaranteed. Stella Diagnostics can give no assurances that any projections related to revenues, profit margins or profits will be realized.
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Email: info@stelladx.com
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