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Complete Archives
Most recent entries
SpectraScience Provides Corporate Update and Outlook
SpectraScience appoints Sheldon L. Miller Esq. to its Board of Directors
SpectraScience Receives Notification of Pending Issuance of Two Patents
SpectraScience Retains Quorum Consulting
SpectraScience to Exhibit at Digestive Disease Week in New Orleans
SpectraScience Has Second Unannounced Inspection by FDA
SpectraScience’s Jim Hitchin Featured in MDDI Magazine Article
Health Radio - Interview with CEO, Jim Hichin
Professor Andreas Stallmach Chooses WavSTAT(R) Optical Biopsy System for Early Cancer Detection
SpectraScience CEO Jim Hitchin Speaks to Blogtalkradio About Better Cancer Screening Diagnostics
SpectraScience, Inc. Selects CWR & Partners as Its Public Relations Agency of Record
SpectraScience Forms Advisory Board - Governor Tommy Thompson to be Chairman
SpectraScience Releases Shareholder Newsletter
SpectraScience Engages European Contract Research Organization to Manage Clinical Trials
SpectraScience Awarded Japanese Patent 4361683 for Its Optical Biopsy Forceps System
News
SpectraScience Provides Corporate Update and Outlook
Jun 09, 2010
SAN DIEGO, June 9, 2010 (MARKETWIRE) - SpectraScience, Inc. (OTCBB:SCIE),a San Diego based medical device company, today provided an update on businessactivities through the first half of 2010 and commented on its outlook forremainder of 2010. Jim Hitchin,CEO of SpectraScience, said, "While current macroeconomic conditions continueto lengthen our sales cycle, we are making important progress. While data collection for ouresophageal cancer screening application on the WavSTAT® Optical Biopsy platformhas been slower than we would like, the new clinical sites are beginning toramp up their data collection. In addition, we have a colon cancer screeningtest trial soon to begin at a well-recognized managed-care organization. Webelieve these are important milestones for our Company."
In Europe, our esophageal clinical study in the UK is makinggood progress and we plan on beginning a similar study in France within thenext several weeks. We are currently collecting data from the UK site, andexpect to be able to release preliminary results once these studies conclude.Today, our applications include early detection of colon and esophageal cancershowever, expanding our WavSTAT optical biopsy platform to address additionalforms of cancer will be critical to add value to our prospective customers andpatients.
Our goal is to allow healthcare practices to make a singlehardware investment to leverage their initial investment to screen for anincreasing number of cancers while reducing time/cost and increasing accuracy.As we move our esophageal application closer to commercialization, we believeit will only be the first step to increase our overall sales opportunities.
Following is a list of highlights that reflect our effortsat SpectraScience year-to-date. We remain committed to building shareholdervalue and are appreciative to our shareholders for their support. We believe weare in a fight against one of the greatest challenges in the world today, andthat our optical biopsy technology can be instrumental in increasing successfuldiagnosis at earlier stages, therefore reducing mortality rates and savinghealth providers' money.
Update and KeyHighlights
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Progress on esophageal clinical trials. We recently received preliminary data on esophageal tests in Europe, and are in the process of reviewing these results. We expect to provide an update on these results as soon as practicable.
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Progress on additional WavSTAT applications. SpectraScience is seeking additional patents for its technology and is evaluating the technology for other applications including use in inflammatory bowel disease (IBD), gastric cancer, lung cancer and pancreatic cancer.
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Strong showing at Digestive Disease Week (DDW). DDW is the world's leading conference for gastrointestinal clinicians and scientists. Approximately 16,000 GI professionals attend each year from around the world. At this year's DDW, SpectraScience saw a strong positive response from prospective customers and healthcare thought leaders to the introduction of its latest generation of the WavSTAT System.
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Cost control and balance sheet. In response to the current uncertain economic environment we continue to hold down our costs and manage expenditures as conservatively as possible. Our working capital position has improved and we plan to continue to manage cash carefully.
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Progress with industry thought leaders. At DDW, two of the industry's leading practitioners and researchers made specific mention of the WavSTAT as an important emerging technology in opening remarks at two session keynote addresses. Validation and advocacy on behalf of leading researchers and practitioners in the cancer screening market is critical to our strategy and we are pleased that the groundwork we have laid on this front is beginning to take root.
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Sales and marketing. We continue to expand our distribution network in Europe and prepare for product introduction in the US and are engaged in discussions with several potential strategic partners that could enable us to accelerate our development and secure a broader potential reach for our products.
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Communications. In January we engaged CWR Partners, LLC to develop and manage an ongoing media relations program to generate awareness of our products and the value-add which the WavSTAT and LUMA technologies bring to the healthcare market. CWR has spent the past several months introducing SpectraScience and its technologies in order to garner attention and recognition. We are pleased to report that more and more journalists are expressing interest in SpectraScience. Examples of this include a national article that will run in Self Magazine in June 2010 and two recent television interviews with Jim Hitchin that can be viewed on our web-site. CWR continues to work on increasing our exposure with television, newspapers, online publications, blogs, magazines and radio.
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Board of directors. Sheldon Miller, Esq. joined our Board of Directors in May 2010. He is a nationally recognized lawyer bringing to us his many years of legal experience. We particularly value his input on intellectual property law as it relates to our IP portfolio.
About WavSTAT
The WavSTAT Optical Biopsy System employs a spectrophotometry technique called LaserInduced Fluorescence (LIF) to optically illuminate and analyze tissue using astandard biopsy forceps. The System uses an optical fiber to send cool, safe UVlaser light into suspected tissue, where the light reflects back to a computerat different frequencies, depending on the type of tissue. For example, inabnormal tissue, cells fluoresce differently than in healthy tissue and have adifferent "fingerprint" that our system can interpret as either normal orabnormal. This can greatly assist thephysician by providing an additional indication, displaying a green light fornormal tissue and a red light for abnormal tissue. If the tissue appearsabnormal, physicians can also use the WavSTAT System to biopsy the tissue.
The WavSTAThas FDA clearance tomarket for detecting pre-cancerous and cancerous tissue in the colon.The Company made several upgrades to its original technology before introducingit at this year's DDW and launching it on the European market in September2009. SpectraScience is planning a full-scale market launch in the US in late2010 or early 2011. Currently the Company holds approximately 60 patents forits optical probes and underlying technology.
Forward-Looking Statements
This news release contains forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21E ofthe Securities Exchange Act of 1934, as amended. These forward-lookingstatements involve risks and uncertainties that may cause SpectraScience'sactual results to differ materially from results discussed in forward-lookingstatements. Readers are urged to carefully review and consider the variousdisclosures made by SpectraScience in this news release, its most recent Form10-K and in SpectraScience's other reports filed with the Securities andExchange Commission ("SEC") that attempt to advise interested parties of therisks and factors that may affect SpectraScience's business. Theseforward-looking statements are qualified in their entirety by the cautions andrisk factors filed by SpectraScience in its annual report on Form 10-K andother documents.
About SpectraScience, Inc.
SpectraScience is a San Diego based medical device company that designs,develops, manufactures and markets spectrophotometry systems capable of determiningwhether tissue is normal, pre-cancerous or cancerous without physicallyremoving tissue from the body. The WavSTAT Optical Biopsy System uses light tooptically 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 thatincorporates this innovative technology for clinical use. The Company's LUMAimaging technology has received FDA approval for an optical non-invasive systemthat is proven to more effectively detect cervical cancer precursors thanconventional methods available in the market today.
Contact:
SpectraScience, Inc.
Jim Hitchin, Chief Executive Officer
(858) 847-0200 x201
Hayden Communications
Investor Relations
Todd Pitcher
(858)-518-1387