Aethlon Medical Announces Resignation of Inside Director to Comply with NASDAQ Corporate Governance Requirements
SAN DIEGO, June 9, 2015 /PRNewswire/ -- Aethlon Medical, Inc. (OTCQB:AEMD), the pioneer in creating affinity biofiltration devices to treat life-threatening diseases, announced today that in order to support the Company's application to list on the Nasdaq Capital Market, Dr. Richard Tullis resigned from Aethlon's Board of Directors effective June 5, 2015. Under Nasdaq Corporate Governance Rule 5605(b), a listed company's Board of Directors is required to have a majority of independent directors. Prior to the resignation of Dr. Tullis, Aethlon's Board was comprised of an equal number of inside and outside directors. Dr. Tullis will continue in his position as the Company's Chief Science Officer.
Aethlon previously disclosed that it had submitted an application to Nasdaq to request that its common stock be approved for listing on the Nasdaq Capital Market. The Company cannot assure that Nasdaq will approve its listing application.
Richard Tullis stated, "I have enjoyed my role as a director over the years at Aethlon Medical and look forward to continuing to contribute to the Company in my ongoing position as Chief Science Officer."
About Aethlon Medical, Inc.
Aethlon Medical creates affinity biofiltration devices to treat life-threatening diseases. Our lead therapeutic candidate is the Aethlon Hemopurifier®, a first-in-class device that targets the rapid elimination of infectious viruses and cancer promoting exosomes from the circulatory system of treated individuals. We also provide government contracting services to the Defense Advanced Research Projects Agency (DARPA) related to the development of a biofiltration device to treat sepsis. Our majority owned subsidiary Exosome Sciences, Inc., is advancing exosome-based liquid biopsies to diagnose and monitor Cancer and Chronic Traumatic Encephalopathy (CTE), a neurodegenerative disorder often found in individuals with a history of repetitive brain trauma.
About The Aethlon Hemopurifier®
Of the hundreds of viruses known to be infectious to man, antiviral drug therapies are approved for fewer than ten. The Aethlon Hemopurifier® provides a broad-spectrum therapeutic strategy to address drug resistant viral pathogens. To date, Hemopurifier therapy has been administered to individuals infected with Ebola virus (Ebola), Hepatitis C virus (HCV) and the Human Immunodeficiency virus (HIV). Time Magazine recently named the Hemopurifier to their list of 'Top 25 Inventions" and "The 11 Most Remarkable Advances in Healthcare." Beyond human treatment experiences, pre-clinical Hemopurifier studies have validated the capture of some of world's deadliest pathogens. These include: Dengue hemorrhagic fever, Lassa hemorrhagic fever, H5N1 avian influenza, H1N1 swine flu virus, the reconstructed 1918 influenza virus, West Nile virus and Vaccinia and Monkeypox, which serve as models for human smallpox infection. U.S. clinical progression of Hemopurifier therapy is being advanced under FDA approved clinical studies.
We are also investigating the use of Hemopurifier therapy to capture tumor-derived exosomes, a significant unaddressed therapeutic target in cancer care. Tumor-derived exosomes promote cancer progression through multiple mechanisms, which include seeding the spread of metastasis and direct suppression of the immune response. In regards to our therapeutic mechanism of action, the Hemopurifier incorporates a patented affinity technique that allows for selective binding to a unique structure that resides on the surface of tumor-derived exosomes and glycoproteins that coat infectious viruses. Additional information can be found online at www.AethlonMedical.com or you can connect with us on on Twitter, LinkedIn, Facebook and Google+.
Certain statements herein may be forward-looking and involve risks and uncertainties. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aethlon Medical, Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such potential risks and uncertainties include, without limitation, that the ESI will not be able to commercialize its future products, that the FDA will not approve the initiation of the Company's clinical programs or provide market clearance of the company's products, future human studies whether revenue or non-revenue generating of the Aethlon ADAPT™ system or the Aethlon Hemopurifier® as an adjunct therapy to improve patient responsiveness to established cancer or hepatitis C therapies or as a standalone cancer or hepatitis C therapy or as a broad spectrum defense against Chikungunya and against viral pathogens, including Ebola, the Company's ability to raise capital when needed, the Company's ability to complete the development of its planned products, the Company's ability to manufacture its products either internally or through outside companies and provide its services, the impact of government regulations, patent protection on the Company's proprietary technology, the ability of the Company to meet the milestones contemplated in the DARPA contract, product liability exposure, uncertainty of market acceptance, competition, technological change, and other risk factors. In such instances, actual results could differ materially as a result of a variety of factors, including the risks associated with the effect of changing economic conditions and other risk factors detailed in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Aethlon Medical Contact:
James A. Joyce
Chairman and CEO
(Office) 858.459.7800 x301
Chief Financial Officer
MDM Worldwide Solutions
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SOURCE Aethlon Medical, Inc.
Released June 9, 2015