Stephen Joffe, MD, an investor who owns 5% of the shares of TLC Vision (Cincinnati), yesterday said in a statement that he has withdrawn the slate of directors that he had nominated for election to the board of TLC at its 2008 annual meeting.

Joffe, who describes himself as a "laser vision correction industry pioneer," in late April issued a statement saying that he had requested access to TLC's list of shareholders, and that the company had refused access to that list. At the time he said he planned to seek "legal remedies to ensure that TLC Vision acts in accordance with the laws of New York state."

In his statement released yesterday, Joffe charged that the TLC board "has built a formidable wall around itself, employing insular change of control agreements, toxic debt covenants and an onerous poison pill to resist needed changes and keep legitimate shareholder interests at bay.

"It has become clear that the attitude and tone [that] management has adopted would marginalize our slate if elected and undermine its effectiveness. Based on the unreceptive attitude of the company's board, I have significant reservations about serving in a minority position on the TLC Vision Board without having the executive authority needed to right this company. I am also concerned that such a lack of cooperation and discord on the board could ultimately harm the interests of the shareholders.

"My decision to withdraw my slate of director nominees was made after careful consideration and consultation with my advisors and fellow director candidates."

Vermillion forms PAD test committee

Vermillion (Fremont, California) said it has formed a clinical steering committee to advise the company on clinical development and commercialization for its peripheral artery disease (PAD) blood test. The steering committee will provide strategic scientific guidance regarding the development of a clinical trial to support registration of the PAD test with the FDA, Vermillion said.

In collaboration with researchers at Stanford University (Stanford, California), Vermillion is working to develop a blood test to help determine an individual's risk of developing PAD, a serious disease estimated to affect up to 12 million Americans and can lead to myocardial infarction, stroke and death.

Eric Fung, MD, PhD, chief scientific officer for Vermillion and a member of the steering committee, said that the committee membership will offer "strong scientific expertise and unparalleled leadership in vascular medicine and we are privileged to have them serve on our clinical steering committee. We believe the formation of this committee will help Vermillion remain at the forefront in the development and commercialization of a blood test for PAD."

Vermillion is a developer of diagnostic tests.

MEDdevice retains Epsilon Securities

MEDdevice Acquisition (MDAC; Aurora, Colorado) reported that it has retained Epsilon Securities as its advisor "to build a significant enterprise in one or more select medical device sectors of the medical device industry."

"The MDAC team combines a strong set of capabilities and great experience in the medical device field, and I'm very excited to be working with them in identifying and executing on acquisition opportunities," said J.D. Friedland of Epsilon.

MEDdevice Acquisition was formed to acquire medical product companies and assets.