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Jim Hitchin, SpectraScience's CEO, said, "Despite a challenging economic environment, we continue to make progress on all business fronts. We understand, however, that amidst the widespread uncertainty in the markets, it is important to provide our shareholders with a greater level of knowledge about our business. I want to emphasize that our business remains positive in 2009 - in fact, more than at any other point in our operating history.
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"In 2008 the Company evolved from research and development to revenue generation. Orders and shipments of our cancer detection products to customers in both the United States and Europe continue. New distributors have been established and we continue to seek new dealer partners worldwide.
"We continue to gather data on the use of our WavSTAT(R) to detect pre-cancers of the esophagus. This type of cancer is growing six times faster than all other solid tumor types. The purpose of this final trial is to obtain data to satisfy the FDA in a planned market approval filing. We believe that we will achieve FDA approval within the next several months. One factor that limits our timing predictability to submit this data to the FDA is the speed of each center's ability to enroll qualified patients. Ultimately, when and if we receive FDA approval, we believe that we will be able to meet the demands of the GI marketplace in the US.
"Spectra Science has achieved an important milestone. It received CE Mark approval to sell its esophagus pre-cancer diagnostic device internationally. With this approval, we expect an acceleration of our revenue and cash flow. We believe this will follow a normal sales development schedule which includes the establishment of distributors, demonstration unit exposure to our potential customers, budget submittal and eventual orders.
"These accomplishments will allow us to share our story with a wider audience of future shareholders in our success. With the help of our public relations partner, Hayden Communications, we intend to visit all relevant fronts of communication to existing and new investors. The cancer diagnostic marketplace is expanding like no other time in history. We want to communicate this to our shareholders and other interested parties as we look to grow our business and, consequently, increase our capital base.
"Our cash position remains stable with no debt. I believe we are on a sound foundation as we continue to grow SpectraScience."
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties that may cause SpectraScience's actual results to differ materially from results discussed in forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by SpectraScience in this news release, its most recent Form 10-K and in SpectraScience's other reports filed with the Securities and Exchange Commission ("SEC") that attempt to advise interested parties of the risks and factors that may affect SpectraScience's business. These forward-looking statements are qualified in their entirety by the cautions and risk factors filed by SpectraScience in its annual report on Form 10-K and other documents.
About SpectraScience, Inc.
SpectraScience is a San Diego based medical device company that designs, develops, manufactures and markets spectrophotometry systems capable of determining whether tissue is normal, pre-cancerous or cancerous without physically removing tissue from the body. The WavSTAT Optical Biopsy System uses light to optically scan tissue and provide the physician with an immediate analysis. With FDA approval for sale in the U.S. and the CE Mark for the European Union, the WavSTAT System is the first commercially available product that incorporates this innovative technology for clinical use. The Company's LUMA imaging technology has received FDA approval for an optical non-invasive system that is proven to more effectively detect cervical cancer precursors than conventional methods available in the market today.
Contact: SpectraScience, Inc. Hayden Communications Jim Hitchin, Chief Executive Officer Investor Relations (858) 847-0200 x201 Todd Pitcher (858)-518-1387
SOURCE SpectraScience, Inc.
