SAN DIEGO, Jan. 26 /PRNewswire-FirstCall/ -- SpectraScience, Inc. (OTC Bulletin Board: SCIE), a San Diego-based medical device company, today provided an update on the status of its business.
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.
"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, de
|SOURCE SpectraScience, Inc.|
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