SOURCE: SpectraScience, Inc.

March 03, 2011 16:30 ET

SpectraScience, Inc. Addresses Commencement of Trading on OTCQB

SAN DIEGO, CA--(Marketwire - March 3, 2011) - SpectraScience, Inc. (OTCQB: SCIE), a Minnesota corporation ("SpectraScience" or the "Company"), today provided an explanation of the Company's common stock quotation on the OTCQB.

Management is aware that stock quotation information related to the Company's common stock has recently been inconsistent or apparently unavailable. The Company has investigated this matter and had discussions with FINRA and market makers in the Company's common stock. Management has learned that certain market makers trading in the stock recently dropped use of FINRA's OTCBB platform in favor of trading on the OTCQB. As a result of the market makers' decision to cease quotations on the OTCBB, under FINRA rules, SpectraScience's common stock was automatically transferred from the OTCBB to the OTCQB market. Management believes that the aforementioned market makers have dropped use of the OTCBB for economic reasons; It simply costs less for them to process transactions on the OTCQB market. It is important to note that SpectraScience has been and still remains in compliance with the reporting requirements of the OTCBB and the Company has filed all reports required by the SEC on a timely basis.

SpectraScience's common stock continues to trade on the OTCQB market and can now be found under the symbol SCIE.PK. Companies traded on the OTCQB marketplace are required to comply with SEC reporting requirements. Up-to-date quotes of OTCQB stocks, and more information on the OTCQB marketplace, may be found at www.otcmarkets.com.

Michael Oliver, President and Chief Executive Officer of the Company, commented, "While we are frustrated to have been surprised by this turn of events, we understand that we are one of more than 700 other companies to have had the same thing happen to them. Given these recent events, we are all the more committed to going forward with our planned investor communications program and doing everything we can to engage a new market maker to move SpectraScience back to the OTCBB and, ultimately, to a national stock exchange as soon as possible."

Forward-Looking Statements

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.

About SpectraScience, Inc.

SpectraScience is a San Diego-based medical device company that designs, develops, manufactures and markets light-based 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.

Contact Information

  • Contact:

    SpectraScience, Inc.
    Jim Dorst
    CFO and Chief Operating Officer
    (858) 405-9933

    Hayden Communications
    Investor Relations
    Todd Pitcher
    (858)-518-1387