SAN DIEGO, Aug. 30, 2010 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) today announced today the resignation of board member Thomas N. Davidson, 70, as per his planned retirement. The Company also announced that Brock J. Wright, MD, FRCPC has been appointed to its Board of Directors effective immediately.
Dr. Wright currently serves as Assistant Professor and Associate Dean, Clinical Affairs, Faculty of Medicine at the University of Manitoba and Senior Vice-President Clinical Services and Chief Medical Officer for the Winnipeg Regional Health Authority. The Winnipeg Regional Health Authority is responsible for all health services in Winnipeg, Manitoba with an operating budget of approximately $2 billion per annum.
Elias Vamvakas, TearLab's Chief Executive Officer, said, "We are fortunate to have Dr. Wright join our team. Brock brings a tremendous wealth of experience in health services delivery management and has a proven track record of success in operations management. His expertise in state-run healthcare, regulatory and reimbursement will be particularly invaluable to the success of the commercialization of the TearLab™ Osmolarity System in jurisdictions outside of the U.S."
"On behalf of the Board and staff of TearLab, I would like to take this opportunity to thank Tom Davidson for his many contributions to the Company. He was instrumental in the founding of Occulogix. We are all grateful for Tom's continued guidance and support and wish him well in his retirement," added Mr. Vamvakas.
About The TearLab™ Osmolarity System
The TearLab™ Osmolarity System uses a novel lab-on-a-chip approach that requires less than 50 nL (nanoliters) of tear fluid in order to measure tear Osmolarity. The TearLab™ Osmolarity System eliminates the challenges that previously prevented point-of-care Osmolarity testing. The TearLab™ System can produce a sample-to-answer result in less than 30 seconds.
About Dry Eye Disease
DED is a common condition in which the eye does not produce enough tears to keep the surface of the eye sufficiently lubricated. It affects approximately 40 million people in the US and 100 million people worldwide. In its mild to moderate forms, it can impact vision and the ability to go about daily activities. In its more severe forms, DED can lead to permanent loss of vision.
About TearLab Corporation
TearLab Corporation ( www.tearlab.com ) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award winning TearLab Osmolarity System. Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
CONTACT: Kilmer Lucas Inc. Investors Stephen Kilmer, President (905) 690-2400 Ext. 21 stephen@kilmerlucas.com Media Leonard Zehr, Managing Director (905) 690-2400 Ext. 41 len@kilmerlucas.com