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Luma(TM) has developed and received FDA approval for an opticalnon-invasive diagnostic imaging system that is proven to more effectivelydetect cervical cancer precursors than using conventional means alone (i.e.,colposcopy). The Company's LUMA(TM) Cervical Imaging System utilizes asingle-use disposable probe and requires little additional training as itleverages clinicians' existing skill sets. When used as an adjunct tocolposcopy, LUMA(TM) detects significantly more high-grade cervical cancerprecursors than colposcopy alone. Clinical trials comprised of over 3,000women have demonstrated LUMA(TM)'s ability to detect over 25% more atypicalsquamous cells of undetermined significance and low-grade squamousintraepithelial lesion (ASCUS/LSIL) cancer cell precursors than colposcopyalone. These findings often show up as mild abnormalities on Pap tests.LUMA(TM) received FDA approval as an adjunct to colposcopy in March 2006.
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The acquisition was accounted for as an exchange of the shares of bothcompanies and includes substantial inventory and the worldwide application for51 patents, 28 of which have issued, with a Notice of Allowance from the U.S.Patent and Trademark Office on two additional applications and 21 patents thatare pending.
SpectraScience has developed a multi-patented and proprietary WavSTAT(TM)Optical Biopsy System that is used by physicians to diagnose tissue todetermine if it is normal, pre-cancerous, or cancerous within seconds. TheWavSTAT(TM) System is currently approved by the FDA for use in detectingpre-cancer and cancer in the colon. A new application for detecting pre-cancers in the throat, sometimes called Barrett's esophagus, is being testedin a clinical trial. Cancer of the esophagus is more than 90% fatal and maydevelop as a result of chronic heartburn or GERD. Esophageal cancer isgrowing five times faster than all other cancers.
Jim Hitchin SpectraScience's CEO said, "This acquisition gives us two FDAapproved devices for the early detection of colon and cervical cancers.Completion of our Barrett's esophagus trial and FDA approval will give us yetanother early cancer detection application. We hope to launch otherapplications, such as early detection of lung cancer, using our opticaltechnology in the near future."
This news release contains forward looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21E ofthe Securities Exchange Act of 1934, as amended. These forward-lookingstatements involve risks and uncertainties that may cause SpectraScience'sactual results to differ materially from the results discussed in the forward-looking statements. Readers are urged to carefully review and consider thevarious disclosures made by SpectraScience in this news release, the Form10-KSB and in SpectraScience's other reports filed with the Securities andExchange Commission ("SEC") that attempt to advise interested parties of therisks and factors that may affect SpectraScience's business. These forward-looking statements are qualified in their entirety by the cautions and riskfactors filed by SpectraScience in its annual report on Form 10-KSB and otherdocuments.
For further information contact Jim Hitchin at (858) 847-0200.http://www.spectrascience.com
SOURCE SpectraScience, Inc.
