July 6, 2012
SpectraScience (SCIE): A Revolutionary Technology Entering Commercial Phase
SpectraScience Inc. (OTCBB: SCIE), a designer, developer and manufacturer of light-based analysis systems capable of determining whether tissue is normal, precancerous or cancerous without removing physical tissue from the body, similar to companies like Verisante Technology Inc. (CVE: VRS) and MELA Sciences Inc. (NASDAQ: MELA), has a revolutionary technology that’s on the verge of commercialization and ready to unlock value for shareholders.
Redefining Cancer Biopsy
SpectraScience develops and manufactures innovative Laser Induced Fluorescence (LIF) spectrophotometry systems that determine if tissue is normal, pre-cancerous or cancerous without removing tissue from the body. These systems could revolutionize the way cancer biopsies are conducted and potentially save both time and money.
The technology works by using a low-power laser to produce ultraviolet light that stimulates natural fluorescence in tissue. Using a proprietary algorithm, the “spectral signatures” of the radiated light is then read to determine if the tissue is healthy or cancerous. The system itself consists of a mobile console and an attached single-use, disposable forceps.
The use of LIF techniques is well documented in the medical community. For instance, a 2000 study called Early Detection of Lung Cancer with Laser-Induced Fluorescence Endoscopy and Spectrofluorometry found that the technique improved accuracy by nearly 50% compared to the standard of care.
Near-term Commercialization
SpectraScience’s flagship product, the WavSTAT Optical Biopsy System®, has already obtained a CE mark designation, which means it can be marketed and sold in the European Union for the diagnosis of all cancer. Upon completion of its second trial for esophageal cancer, the firm plans to apply for supplemental PMA approval in the United States through the FDA.
In late June, the company announced that it has begun shipments of its WavSTAT4 System to PENTAX Europe under its exclusive, 5-year distribution agreement announced earlier that month. PENTAX is a leader in minimally invasive surgical devices, including flexible endoscopes that are used with the WavSTAT4 System when screening for colorectal cancer.
Over the next 12 months, the company is also planning on continuing its clinical trials relating to the diagnosis of esophageal cancer, with the goal of introducing an esophageal application in the European Union in 2013. Meanwhile, the firm intends to further expand its footprint into Russia and India, while expanding its portfolio of intellectual property.
A Great Investment Opportunity
SpectraScience could represent a great investment opportunity at its current levels. With a market capitalization of less than $17 million, the company trades at a significant discount to many other companies with approved products on the market, like MELA Sciences Inc. Moreover, the firm has numerous near-term catalysts that could send the stock higher.
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