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