SpectraScience to Introduce WavSTAT4 Optical Biopsy System at United European Gastroenterology Week
SAN DIEGO, October 6, 2011 (MARKETWIRE) - SpectraScience, Inc. (OTCQB:SCIE), a San Diego based medical device company, today announced that the Company will introduce for sale in Europe its redesigned WavSTAT4 Optical Biopsy System for colon cancer diagnosis during the United European Gastroenterology Week (UEGW), October 22-26 in Stockholm.
"The launch of WavSTAT4 for sale in Europe is an important milestone for SpectraScience and signals that we are transitioning from scientific development to a commercial phase," said Michael Oliver, SpectraScience's chief executive officer. "Our WavSTAT4 offers significant advantages compared with current diagnostic procedures, and UEGW will be the optimal venue for demonstrating its benefits to our physician target market. During the conference we also plan to provide important data from European clinical trials currently underway. We believe WavSTAT4 will be well-received, as it not only improves cancer detection rates, but can also significantly reduce costs by lowering the number of physical biopsies that need to be performed."
The WavSTAT4 system is designed as an adjunct to existing endoscopic procedures, and can provide an in vivo diagnosis of possible cancerous tissue in one second during a typical colorectal screening. The results of the WavSTAT4 diagnosis are displayed in binary format on the system console - a red icon denoting cancerous tissue, and a green icon for normal tissue. The updated system includes a new user interface and other features making it easier to use and better suited to a clinical environment, as well as an upgraded linear discriminate analysis (LDA) algorithm that reduces error messages and improves sensitivity in the diagnosis of abnormal tissue.
Mr. Oliver added, "We continue to have discussions with potential European distribution partners and are on track to sign initial agreement(s) in the coming months. While in Europe for UEGW, we also plan to meet with Europe-based investor groups that have expressed an interest in in SpectraScience and our platform technology."
About United European Gastroenterology Week
The United European Gastroenterology Week (UEGW) has been organized annually since 1992 and has become the largest and most prestigious GI meeting in Europe. UEGW 2011 will feature the latest advances in clinical management (in both the main meeting and Postgraduate Course), cutting-edge translational and basic science, and the best original research in GI and liver disease. Particular highlights will include modern personalized medicine, live endoscopy, inflammatory bowel disease, GI and liver oncology, viral hepatitis, GORD, nutrition, obesity, and a Cochrane Collaboration symposium.
About SpectraScience, Inc.
SpectraScience is a San Diego based medical device company that designs, develops, manufactures and markets light-based analysis 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 diagnose 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.
Jim Dorst, Chief Financial Officer