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SpectraScience Signs Europe and Middle East Distribution Agreement With PENTAX for the WavSTAT Optical Biopsy System

Mon, 06/18/2012 - 5:45am
The Associated Press

SpectraScience, Inc. (OTCQB: SCIE), a San Diego-based medical device

company, has signed an exclusive five-year agreement with PENTAX

Europe GmbH to distribute its WavSTAT Optical Biopsy System for use in

colorectal cancer screening and diagnosis. PENTAX is a leading

worldwide provider of minimally invasive surgical devices, including

flexible endoscopes which are used with the WavSTAT System during

screening for colorectal cancer.

The agreement, which includes the both the Company's new WavSTAT4

mobile console and the disposable optical biopsy forceps, covers

Europe as well as Turkey, Saudi Arabia, and South Africa. The

distribution agreement will provide for minimum purchase quantities in

specified countries and also gives PENTAX a right of first refusal

option for all other countries in the Middle East and Africa.

"We are delighted to have PENTAX as our first major distribution

partner for the WavSTAT System," said Michael Oliver, SpectraScience's

Chief Executive Officer. "Over the past 12 months PENTAX has performed

extensive product and market evaluations of the WavSTAT technology,

and they fully understand its potential to become the professional

standard for colorectal cancer screening. We look forward to kicking

off sales and marketing activities in the very near term, and we are

now working closely with the PENTAX organization to customize business

plans for key territories."

Oliver added, "Among the initial programs planned with PENTAX, will be

to address an exciting potential opportunity involving a new national

colorectal cancer screening program that will begin in The Netherlands

effective January 1, 2013. With a shortage of gastroenterologists,

Dutch hospitals are initiating an extensive training program in 2012

to develop a cadre of nurse endoscopists to provide adequate capacity

to conduct screening colonoscopies. We believe the WavSTAT4 System is

the perfect tool to improve the nurses' diagnostic effectiveness

during these procedures. The Netherlands is known for its innovative

approaches in healthcare, and much of the important research with

WavSTAT for both colorectal and esophageal cancer has been conducted

there. PENTAX Netherlands serves approximately 75 hospitals and

medical centers in that country, and WavSTAT is highly complementary

to their existing product portfolio."

About SpectraScience, Inc.

SpectraScience is a San Diego-based medical device company that

designs, develops, manufactures and markets light-based analysis

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 diagnose tissue

and provide the physician with an immediate analysis. With the CE Mark

approval for sale in the European Union, the WavSTAT System is the

first commercially available product that incorporates this innovative

technology for clinical use.

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