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SpectraScience, Inc. Enters Into $6.0 Million Common Stock Purchase Agreement
Date:2/4/2009

SAN DIEGO, Feb. 4 /PRNewswire-FirstCall/ -- SpectraScience, Inc. (OTC Bulletin Board: SCIE), a San Diego based medical device company, announced today that it has entered into a $6.0 million common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor. Under the agreement, the Company may sell up to $6.0 million of its common stock to Fusion Capital from time to time over a 24-month period after the Securities and Exchange Commission has declared effective a registration statement related to the transaction. The proceeds to be received by the Company under the common stock purchase agreement will be used for working capital and general corporate purposes.

"We are pleased to have this funding commitment from Fusion Capital, a well respected institutional investor with a long track record of investments in the life sciences and technology sectors," commented Jim Hitchin, SpectraScience's CEO. "This agreement gives us flexibility and greater financial security," Hitchin added.

Under the agreement, the Company has the right to sell shares of its common stock to Fusion Capital from time to time in amounts between $25,000 and $1.0 million, depending on certain conditions, up to $6.0 million in the aggregate. The purchase price of the shares will be based on the prevailing market prices of the Company's shares at the time of sales without any fixed discount, and the Company will control the timing and amount of any sales of shares to Fusion Capital. There are no negative covenants, restrictions on future financings, penalties or liquidated damages in the agreement. A more detailed description of the agreement is set forth in the Company's Current Report on Form 8-K filed today with the SEC, which should be reviewed carefully with this press release.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1
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SOURCE SpectraScience, Inc.
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