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Correcting financial figures in text of SpectraScience first quarter results.


MINNEAPOLIS--(BUSINESS WIRE)--May 15, 1995--SpectraScience Inc. (OTC OTC

See: Over-the-counter.


OTC

See over-the-counter market (OTC).
:SPSI SPSI Seattle Psychoanalytic Society
SPSI Static Placement, Static Issue
), today announced a net loss of $196,314, or 7 cents per share Cents per share

The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned.
, for its first quarter ended March 31, 1995. The results reflect a 61% decrease from the $506,934 loss, equivalent to 18 cents per share, reported for the quarter ended March 31, 1994. Revenue and cost of products sold were $166,088 and $108,144, respectively, compared to zero each for the first quarter of 1994. Such revenues and costs in the current year reflect the first international sales of the company's Spectroscopic spec·tro·scope  
n.
An instrument for producing and observing spectra.



spectro·scop
 Guidewire(TM) Systems and disposable products.

On March 31, 1995 the company recognized the sale of its first two Spectroscopic Guidewire(TM) Systems for delivery to key European medical centers. The company earlier reported that SCIMED Life Systems Inc. will market the SpectraScience Spectroscopic Guidewire(TM) System outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  under the terms of a three (3) year exclusive international distribution agreement.

During the Quarter ended March 31, 1995, the company executed agreements arranged through Perkins Capital Management, with six (6) private lenders which provided an additional $225,000 of bridge financing Bridge Financing

A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.

Notes:
These funds are usually supplied by the investment bank underwriting the new issue.
 to the company.

On March 31, 1995, the six private lenders, along with lenders who had previously provided $300,000 of bridge financing to the company, elected to convert the face amount of the notes held by them into 175,000 shares of the company's Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.

Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate.
, pursuant to the terms of the company's ongoing Private Placement of 1,000,000 shares of preferred stock. The lenders paid $3.00 in exchange for each share of Preferred Stock plus a warrant to purchase one share of the company's Common Stock (at a purchase price of $5.00 per share) for each 3 shares of Preferred Stock purchased.

SpectraScience, Inc. is an early growth stage company, located in Minnetonka, Minnesota For other uses, see Minnetonka (disambiguation).
Minnetonka is a suburban community located eight miles west of Minneapolis in Hennepin County. Its 2000 population of 51,480 makes it the fourteenth largest city in Minnesota.
, which applies advanced spectroscopic diagnostic techniques to the analysis of specific human tissues associated with important diseases. -0-
                      STATEMENT OF OPERATIONS
                         SpectraScience Inc.
                            (unaudited)


                                 Three Months Ended
                                     March 31,
                    -------------------------------------------
                                1995             1994
                               ------           ------
Revenue                     $   166,088      $        -0-
Cost of products sold           108,144               -0-
Operating expenses:
 Research & Development         121,951          365,060
 Selling, general and
  administrative                122,817          197,317
 Less interest and other
 (income) and expense             9,490          (55,443)
                           ---------------  ---------------
Total operating expenses        254,258          506,934
                           ---------------  ---------------
Net loss                   ($   196,314)    ($   506,934)
                           ===============  ===============
Net loss per share         ($      0.07)    ($      0.18)
                           ---------------  ---------------
Weighted average
 common share                 2,790,681        2,750,348
                           ===============  ===============


CONTACT: SpectraScience, Inc., Minnetonka

Brian McMahon Brian McMahon (born July 24, 1961 in Toronto, Ontario) is a Canadian rower, who was the coxswain of the Canadian men's eights team that won the gold medal at the 1984 Summer Olympics in Los Angeles, California. References
  • Canadian Olympic Committee
, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 612/931-9000
COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Article Type:Correction Notice
Date:May 16, 1995
Words:417
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