SOURCE: SpectraScience, Inc.

September 14, 2010 09:30 ET

SpectraScience Optical Biopsy System Demonstrates Significant Cost Savings in Screening for Colorectal Cancer

SAN DIEGO, CA--(Marketwire - September 14, 2010) -  SpectraScience, Inc. (OTCBB: SCIE), a San Diego based medical device company, today announced that an independent study performed at the San Diego Veterans Administration Hospital on 383 patients markedly reduced the cost of care when using the Company's WavSTAT Optical Biopsy System in screening for colorectal cancer. In a managed care environment, the projected savings for a similar number of patients was estimated to exceed $15,000. The study essentially described how fewer, more targeted, physical biopsies taken as a result of the ability to isolate diseased tissue with the WavSTAT Optical Biopsy System can reduce the overall cost of colon cancer screening. 

"This is an important finding and fundamental benefit of the use of the WavSTAT System," commented Jim Hitchin, CEO of SpectraScience, adding that, "In the current economic environment, where rising healthcare costs continue to remain a primary concern, our WavSTAT Optical Biopsy System can provide healthcare providers with significant hard-dollar value. With an estimated 3 million colorectal cancer screenings annually in the U.S. market alone, we estimate a potential measurable direct savings of over a hundred million dollars annually. This excludes the savings implied through reductions in diagnostic time, improved diagnostic accuracy and reductions in physical biopsy risk to the patient."

Benefits of WavSTAT Colorectal Diagnostic Technology

  • Does not rely solely on the visual interpretation of tissue screening by providing objective, standardized diagnoses that improve the physician's ability to quickly and accurately identify diseased tissue.
  • The WavSTAT System is both a therapeutic and diagnostic device. A lesion can be removed at the exact location where it is detected.
  • Enables physicians to perform a smaller number of targeted physical biopsies, rather than a greater number of random physical samples.

About WavSTAT

The WavSTAT Optical Biopsy System employs a spectrometry technique called Laser Induced Fluorescence (LIF) to optically illuminate and analyze tissue using a standard biopsy forceps. The System uses an optical fiber to send cool, safe UV laser light into suspected tissue, where the light reflects back to a computer at different frequencies, depending on the type of tissue. For example, in abnormal tissue, cells fluoresce differently than in healthy tissue and have a different physical "signature" that our system can interpret as either normal or abnormal. This can greatly assist the physician by providing an additional indication, displaying a green light for normal tissue and a red light for abnormal tissue. If the tissue appears abnormal, physicians can also use the WavSTAT System to biopsy the tissue.

The WavSTAT has FDA clearance to market for detecting pre-cancerous and cancerous tissue in the colon. The Company made several upgrades to its original technology before introducing it at this year's DDW and launching it in the European market. SpectraScience is planning a full-scale market launch in the US in late 2010 or early 2011. Currently the Company holds approximately 60 patents for its optical probes and underlying technology.

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 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. The Company's LUMA imaging technology has received FDA approval for an optical non-invasive system that is proven to more effectively detect cervical cancer precursors than conventional methods available in the market today.

Contact Information

  • Contact:

    SpectraScience, Inc.
    Jim Hitchin
    Chief Executive Officer
    (858) 847-0200 x201

    Hayden Communications
    Investor Relations
    Todd Pitcher