SOURCE: SpectraScience, Inc.

October 06, 2014 09:15 ET

SpectraScience Brings on SenaHill as Advisor

SAN DIEGO, CA--(Marketwired - Oct 6, 2014) - SpectraScience, Inc. (OTCQB: SCIE), a medical device company utilizing light technologies to detect and diagnose cancers, announces that it has engaged SenaHill Advisors, LLC ("SenaHill") as its advisor in connection with a proposed equity financing of up to $40 million and review of strategic alternatives. SenaHill offers brokerage services through its affiliate, Parker Rose LLC. The financing will be made on a best efforts fully marketed private placement basis with the final terms and timeline to be determined in the context of the market and announced at a later date.

"SpectraScience is building on significant momentum with our recent Saudi FDA approval and CE mark in Europe. With the completion of our multi-site clinical evaluation later this year, we will be well positioned to accelerate our commercial activities and begin to drive share in key European markets," said Michael Oliver, President and CEO.

"We are extremely pleased to be taking a strategic investment banking role with this innovative company, which is working hard to reduce costs associated with colorectal cancer diagnosis with the potential to save insurers more than $1 billion annually," said Corey Davis, Managing Director at SenaHill. "We look forward to working with the experienced leadership team from SpectraScience on this very important transaction."

Proceeds from the offering will be used for corporate working capital and to fund potential acquisitions. SpectraScience cautions, however, that there can be no assurance that its proposed capital raise will result in any transaction, or of the terms or timing of any such transaction.

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.

For more information:
Visit our web site www.spectrascience.com

About SenaHill Advisors, LLC:
SenaHill Advisors, LLC is the first of its kind integrated investment, operating and advisory services company. SenaHill and its affiliated entities, including Parker Rose LLC and SenaHill Securities LLC, provide unparalleled perspective and insight to companies. We are passionate about advising both the innovative entrepreneurs (through operating, intellectual, and financial assistance) and the ultimate institutional end consumers or "strategic users" of these products and services.

For more information:
Visit the web site www.senahill.com

Forward-Looking Statement for SpectraScience, Inc.
This news release contains forward-looking statements that 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 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.

Contact Information

  • Lowell W. Giffhorn
    CFO
    Phone (858) 847-0200 x2019