SAN DIEGO, Oct. 28 /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, commented, "We have begun shipping our cancer detection devices to customers in both the United States and Europe. In addition, machines are now in place in leading research facilities throughout the country including the Mayo Clinic, San Diego VA Hospital, Minnesota Gastroenterology, P.A., the University of Southern California and the Boston University VA Hospital to gather the final data necessary to complete a study on the use of our WavSTAT(R) to detect cancer and pre-cancers of the esophagus. Esophageal cancer is deadly and its incidence is growing at a rate six times faster than that of all other solid tumor types. In the beginning phase of this trial there was greater than 90% sensitivity to detection of cancerous and pre-cancerous tissues and, therefore, we expect the follow-up final trial to be successful. The purpose of the final trial is to obtain a statistically significant sample size that will satisfy the FDA in a planned filing. We anticipate making this filing next year and, subject to approval, begin selling product in the United States immediately thereafter.
We now have the CE mark approval for our cancer and pre-cancer detection in the esophagus ahead of schedule in Europe. This means we will be able to start selling this product much earlier than anticipated, accelerating our revenue and cash flow. We have invested considerable effort internationally and receiving the CE mark is an important step in our progress.
A cornerstone of our business model is our focus on leveraging our existing technology to provide higher sensitivity for the screening of several deadly cancers. During 2009, we plan to begin preparing to submit an application for the use of our non-invasive technology to detect lung cancer. Lung cancer is a major illness annually affecting about 215,000 Americans and resulting in 162,000 deaths.
The Company continues its evolution in our recent transition from research and development to revenue generation, and we feel that we have the foundation built for a successful 2009. As the Company moves forward, we plan to focus our energies on sales and marketing initiatives. We believe SpectraScience is on a sound foundation as we continue to grow our business into a major contributor in the battle against cancer."
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 as an optical non-invasive system that has proven to be more
effective in detecting cervical cancer precursors than conventional methods
available in the market today.
Jim Hitchin, Chief Executive Officer (858) 847-0200
Todd M. Pitcher
Hayden Communications, Inc. (858) 518-1387
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.
|SOURCE SpectraScience, Inc.|
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