MEDITE Cancer Diagnostics, Inc. (OTCQB: MDIT) specializing in the development, manufacturing and marketing of molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and precancerous conditions, announces further restructuring of its organization in Germany to position the Company for revenue growth and profitability.
On May 4, 2017, the Board of Directors (the "Board") of MEDITE Cancer Diagnostics, Inc. (the "Company") accepted the resignation of Michaela Ott as Chief Operating Officer of the Company, effective immediately. Ms. Ott shall remain on the Board of Directors of the Company. Further, the Board accepted Ms. Ott's resignation from her position as Managing Director of the Company's wholly-owned subsidiary, Medite GmbH, as well as managing director of CytoGlobe GmbH, Burgdorf, a wholly owned subsidiary of Medite GmbH, effective immediately. Ms. Ott shall further resign from her position as Managing Director of Medite GmbH, Austria, also a wholly-owned subsidiary of Medite GmbH, effective no later than September 30, 2017.
Further, on May 4, 2017, the Board also accepted the resignation of Michael Ott as Chairman of the Board, effective immediately. Mr. Ott shall remain on the Board of Directors of the Company. Mr. Ott further resigned as Managing Director of the Company's wholly-owned German subsidiary, Medite GmbH, as well as from his position as Managing Director of CytoGlobe GmbH, Burgdorf, a wholly-owned subsidiary of Medite GmbH, effective immediately. Mr. Ott shall resign from his position as Managing Director of Medite sp. z. o.o., Poland, also a wholly-owned subsidiary of Medite GmbH, effective no later than September 30, 2017.
On May 4, 2017, the Board thereafter, by unanimous consent, appointed Stephen Von Rump to the position of Chief Commercialization and Strategy Officer of the Company to serve until such time as his removal or resignation. Mr. Von Rump was further appointed to the position of Managing Director of Medite GmbH, until such time as his resignation or termination.
On May 4, 2017, the Board unanimously elected David E. Patterson, the Company's Chief Executive Officer and Director, to the position of Chairman of the Board of Directors of the Company, to serve until his resignation or removal.
The three new reporting lines as previously stated have been implemented into the organization in Germany. All sales, marketing and sales fulfillment personnel and activities will report into Jeff Rencher, Chief Marketing and Business Development Officer. All manufacturing, R&D, technical service and quality management personnel and activities will report into Stephen Von Rump, Chief Commercialization and Strategy Officer. All financial personnel and activities will report into Susan Weisman, Chief Financial Officer. Mr. Rencher, Mr. Von Rump and Ms. Weisman all report directly to David Patterson, Chief Executive Officer of the Company.
"This new organization is executing plans to increase MEDITE's market presence short term within the core business, commercialize new offerings from MEDITE's R&D teams in the U.S. and Germany, and ensure the launch of new products for China in 2017," said Mr. Patterson. "These actions allow MEDITE to gain a secure financial footing and realize its charter as a leading provider of cancer diagnostic products."
About MEDITE Cancer Diagnostics, Inc.
MEDITE Cancer Diagnostics Inc. is a Delaware registered company consisting of wholly-own MEDITE GmbH a Germany-based company with its subsidiaries. On April 3, 2014, MEDITE was acquired by former CytoCore, Inc. a biomolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer. By acquiring MEDITE the company changed from solely research operations to an operating company with a well-developed infrastructure, 80 employees in four countries, a distribution network to about 70 countries worldwide, a well-known and established brand name and a wide range of products for anatomic pathology, histology and cytology laboratories.
