September 24, 2012
A Look at SpectraScience’s Management Team
SpectraScience Inc. (OTCBB: SCIE), a developer of light-based diagnostic systems for cancer identification, similar to companies like Verisante Technology Inc. (CVE: VRS) and MELA Sciences Inc. (NASDAQ: MELA) has been on a roll recently. After selling more than $300,000 worth of systems during the second quarter, the company announced earlier this month that it completed initial WavSTAT4 installation and training with its partner PENTAX Europe.
The company’s WavSTAT4 is lets doctors determine if tissue is normal, precancerous or cancerous without removing tissue from the body using Laser Induced Fluorescence (LIF) spectrophotometry. By removing any guesswork and eliminating the need for a physical tissue sample, the technology provides accurate and real-time information to doctors and patients, and saves money by eliminating unnecessary costs associated with physical biopsies.
As the company continues to hit its commercialization milestones, management is gearing up to unlock value for its shareholders in a number of different ways.
Experience in Unlocking Value
President and CEO Michael Oliver has over 25 years of experience in the medical device industry working for several different companies in a variety of roles. But notably, he has been a member of four separate management teams that took over struggling medical device companies, increased their revenue and profitability and sold them to strategic buyers.
Turnaround CEOs tend to be very adept at focusing on core principles to rapidly bring products to market with minimal overhead. In this case, Mr. Oliver’s experience has helped him bring Spectra Science’s redesigned WavSTAT4 to market just two years after taking the helm.
The company is now on its fourth iteration of its WavSTAT Optical Biopsy Systems, with each generation demonstrating substantial improvements in ease of use and diagnostic power. After receiving a European CE Mark, the product was launched commercially in Europe with the first sales occurring in December of 2011.
Targeting the European Market
SpectraScience has made the strategic decision to target the European marketplace because minimizing cost is more important to European healthcare systems and the regulatory environment allows the company to redefine its products before coming back to the U.S. The company hired Director of Business Development Hugues Wielemans in February 2012 to help roll out its products in the European marketplace, as well as in the Middle East and Africa.
Mr. Wielemans has been instrumental in this European push so far with over 20 years of sales, marketing and management experience working with multinational medical device companies and distributors in Europe. His contacts and experience in these target markets has helped expedite the launch of WavSTAT4 in these regions and promises to help moving forward.
In particular, the company’s deal with PENTAX Europe marked a significant turning point in terms of commercialization. PENTAX is one of the largest and most respected worldwide providers of gastroenterology devices and will begin marketing WavSTAT4 for colon cancer applications at events like the upcoming United European Gastroeterology Week in October.
A Talented Management Team
SpectraScience has a number of other strong people on its management team in addition to Mr. Oliver and Mr. Wielemans. CFO Jim Dorst brings 20 years of senior management experience in finance, operations, planning and business transactions after working for several other companies, including Aethlon Medical and Verdisoft before its buyout by Yahoo! Inc.
Meanwhile, Glen Freiberg, Mike Brady and Todd Pinkowski round out the management team by providing many years of experience working for a number of large companies in the medical space and tech industries. Combined, this management team appears extremely capable of guiding the company to profitability in Europe and eventually the U.S.
Great Investment Opportunity
SpectraScience Inc. (OTCBB: SCIE) stands at the very beginning of its commercialization ramp, with a very capable management team at the helm. With a market capitalization of just $14 million, the company appears to be trading at a discount to its near-term sales potential, given its agreement with PENTAX Europe, and future potential market penetration.
Despite this potential, the company remains largely misunderstood by the financial markets, creating an opportunity for investors to jump in ahead of any potential upside.
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