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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 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-KSB 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-KSB and other documents.

This notice of the proposed offering does not constitute an offer of sale of any securities

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(R) 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(R) Imaging System 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.

About Fusion Capital

Fusion Capital Fund II, LLC is an institutional investor based in Chicago, Illinois with a fundamental investment approach. Fusion Capital invests in a wide range of companies and industries emphasizing life sciences, cleantech, energy and technology companies. Its investments range from special situation financing to long-term strategic capital.

        Contact:
        SpectraScience, Inc.
        Jim Hitchin, Chief Executive Officer
        (858) 847-0200 x201

        Hayden Communications
        Investor Relations
        Todd Pitcher
        (858)-518-1387


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SOURCE SpectraScience, Inc.
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