EX-99.1
3
v093327_ex99-1.htm
PRESS
RELEASE
SpectraScience
Acquires Luma Imaging Corporation
November
8, 2007
San
Diego, CA
SpectraScience,
Inc. (SCIE.OB)
announced
today that it has acquired all of the shares of Luma Imaging
Corporation.
Luma™ has
developed and received FDA approval for an optical non-invasive diagnostic
imaging system that is proven to more effectively detect cervical cancer
precursors than using conventional means alone (i.e., colposcopy). The Company's
LUMA™ Cervical Imaging System utilizes a single-use disposable probe and
requires little additional training as it leverages clinicians' existing skill
sets. When used as an adjunct to colposcopy, LUMA™ detects significantly more
high-grade cervical cancer precursors than colposcopy alone. Clinical trials
comprised of over 3,000 women
have demonstrated LUMA™'s ability to detect over 25% more atypical
squamous cells of undetermined significance and low-grade squamous
intraepithelial lesion
(ASCUS/LSIL) cancer cell precursors than colposcopy alone. These findings
often show up as mild abnormalities on Pap tests.
LUMA™
received FDA approval as an adjunct to colposcopy in March 2006.
The
acquisition was accounted for as an exchange of the shares of both companies
and
includes substantial inventory
and the
worldwide application for 51 patents, 28 of which have issued, with
a
Notice of Allowance from the U.S. Patent and Trademark Office on two additional
applications
and 21
patents that are pending.
SpectraScience
has developed a multi-patented and proprietary WavSTATTM
Optical
Biopsy System that is used by physicians to diagnose tissue to determine if
it
is normal, pre-cancerous, or cancerous within seconds. The WavSTAT
TM
System
is currently approved by the FDA for use in detecting pre-cancer and cancer
in
the colon. A new application for detecting pre-cancers in the throat,
sometimes called Barrett's esophagus, is being tested in a clinical trial.
Cancer of the esophagus is more than 90% fatal and may develop as a result
of
chronic heartburn or GERD. Esophageal cancer is growing five times faster than
all other cancers.
Jim
Hitchin SpectraScience's' CEO said, "This acquisition gives us two FDA approved
devices for the early detection of colon and cervical cancers. Completion of
our
Barrett's esophagus trial and FDA approval will give us yet another early cancer
detection application. We hope to launch other applications, such as early
detection of lung cancer, using our optical technology in the near
future."
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 the results discussed in the forward-looking statements. Readers
are urged to carefully review and consider the various disclosures made by
SpectraScience in this news release, the 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.
For
further information contact Jim Hitchin at (858) 847-0200. www.spectrascience.com

EX - 99 . 1 3 v093327 _ ex99 - 1 . htm PRESS RELEASE SpectraScience Acquires Luma Imaging Corporation November 8 , 2007 San Diego , CA SpectraScience , Inc . ( SCIE . OB ) announced today that it has acquired all of the shares of Luma Imaging Corporation . Luma ™ has developed and received FDA approval for an optical non - invasive diagnostic imaging system that is proven to more effectively detect cervical cancer precursors than using conventional means alone ( i . e . , colposcopy ) . The Company 's LUMA ™ Cervical Imaging System utilizes a single - use disposable probe and requires little additional training as it leverages clinicians ' existing skill sets . When used as an adjunct to colposcopy , LUMA ™ detects significantly more high - grade cervical cancer precursors than colposcopy alone . Clinical trials comprised of over 3,000 women have demonstrated LUMA ™ 's ability to detect over 25 % more atypical squamous cells of undetermined significance and low - grade squamous intra epithelial lesion ( ASCUS / LSIL ) cancer cell precursors than colposcopy alone . These findings often show up as mild abnormalities on Pap tests . LUMA ™ received FDA approval as an adjunct to colposcopy in March 2006 . The acquisition was accounted for as an exchange of the shares of both companies and includes substantial inventory and the worldwide application for 51 patents , 28 of which have issued , with a Notice of Allowance from the U . S . Patent and Trademark Office on two additional applications and 21 patents that are pending . SpectraScience has developed a multi - patented and proprietary WavSTATTM Optical Biopsy System that is used by physicians to diagnose tissue to determine if it is normal , pre - cancerous , or cancerous within seconds . The WavSTAT TM System is currently approved by the FDA for use in detecting pre - cancer and cancer in the colon . A new application for detecting pre - cancers in the throat , sometimes called Barrett ' s esophagus , is being tested in a clinical trial . Cancer of the esophagus is more than 90 % fatal and may develop as a result of chronic heartburn or GERD . Esophageal cancer is growing five times faster than all other cancers . Jim Hitchin SpectraScience 's ' CEO said , " This acquisition gives us two FDA approved devices for the early detection of colon and cervical cancers . Completion of our Barrett ' s esophagus trial and FDA approval will give us yet another early cancer detection application . We hope to launch other applications , such as early detection of lung cancer , using our optical technology in the near future . " 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 the results discussed in the forward - looking statements . Readers are urged to carefully review and consider the various disclosures made by SpectraScience in this news release , the 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 . For further information contact Jim Hitchin at ( 858 ) 847 - 0200 . www.spectrascience.com