Astrotech Subsidiary BreathTech Hires Dr. Karim Sirgi as Its Chief Science Officer

Rhea-AI Summary

Astrotech Corporation (NASDAQ: ASTC) has appointed Dr. Karim Sirgi as the Chief Science Officer of its subsidiary BreathTech Corporation. His expertise will support the BreathTest-1000™, aimed at rapid screening for COVID-19 during upcoming human trials with Cleveland Clinic. Dr. Sirgi, a seasoned pathologist, is expected to lead research, development, and regulatory efforts. The BreathTest-1000 is designed for quick results in under one minute, targeting areas needing efficient COVID-19 testing solutions.

Positive

• Appointment of Dr. Karim Sirgi as Chief Science Officer may strengthen leadership and expertise in BreathTech's development efforts.
• BreathTest-1000 aims to provide quick and reliable testing, potentially capitalizing on a growing demand for rapid COVID-19 screening.

Negative

• The development of BreathTest-1000 involves high risks with no assured market success or timely FDA approval.
• The complex FDA approval process may delay commercialization, impacting potential market introduction.

- Dr. Sirgi will help lead the BreathTest initiative with Cleveland Clinic -

AUSTIN, Texas--(BUSINESS WIRE)-- Astrotech Corporation (Nasdaq: ASTC) has hired Dr. Karim Sirgi, MD, MBA and FCAP as the Chief Science Officer of subsidiary BreathTech Corporation in preparation of human trials with Cleveland Clinic for its BreathTest-1000™ to help in the battle against COVID-19 and its variants.

Dr. Sirgi is a pathologist, board certified in Anatomic, Clinical and Cytopathology, and has over 30 years of practice and leadership experience in private and academic pathology practices. Dr. Sirgi serves as the medical director of The Colorado Center for Medical Laboratory Science, as well as on the advisory, trustee and governance boards of established companies, start-up ventures, and community based and national philanthropic and non-profit foundations. We expect Dr. Sirgi will be key in the research and development and regulatory efforts at BreathTech and will help lead our partnership with Cleveland Clinic in the development of our breath analysis device, which is designed to screen, in less than one minute, for volatile organic compound (VOC) metabolites found in a person’s breath indicating the presence of an infection, including COVID-19 or pneumonia.

“As we look to kick-off our human trials with Cleveland Clinic, we are excited to have Dr. Sirgi join the team to help oversee the effort,” said Thomas B. Pickens, Chairman and Chief Executive Office of both BreathTech Corporation and Astrotech Corporation, the parent company of BreathTech. “Dr. Sirgi has deep industry experience to help lead the research and development efforts at BreathTech as we look to commercialize a fast and non-invasive screening device to aid in the battle against COVID-19. We believe many of the testing methodologies on the market today either take too long for results or are fraught with false positives or negatives. Our device is designed such that a patient can quickly and easily blow into a disposable collection tube and get accurate results in less than one minute. The BreathTest-1000 instrument is targeted for hospital staff, schools, military and cruise ships, fulfillment centers or anywhere else that requires a quick, reoccurring testing environment,” concluded Mr. Pickens.

“The BreathTech team has developed a really exciting instrument and has partnered with one of the leading breath analysis institutions in the world to help bring the product to fruition. I am excited to join the team and to help oversee the efforts through to commercialization,” stated Dr. Sirgi.

About Astrotech Corporation

Astrotech (NASDAQ: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About the BreathTest-1000™

This press release contains information about a new product under development, the BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the severity and duration of the COVID-19 pandemic and its impact on the U.S. and worldwide economy, the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the Company’s most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005378/en/

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

 

Source: Astrotech Corporation

FAQ

Who is Dr. Karim Sirgi, and what role will he play at Astrotech Corporation?

Dr. Karim Sirgi is appointed as Chief Science Officer of BreathTech Corporation, where he will oversee research and development for the BreathTest-1000.

What is the purpose of the BreathTest-1000?

The BreathTest-1000 is designed to provide rapid screening for COVID-19 and its variants through breath analysis.

When will the human trials for BreathTest-1000 begin?

The human trials for BreathTest-1000 are expected to initiate soon in collaboration with Cleveland Clinic.

What are the potential risks associated with the BreathTest-1000 development?

The development carries risks such as the uncertainty of achieving market authorization and the lengthy FDA approval process.

How does the BreathTest-1000 differ from existing testing methods?

The BreathTest-1000 aims to deliver accurate results in less than one minute, addressing concerns about the speed and reliability of current testing methods.