Correcting financial figures in text of SpectraScience first quarter results.

MINNEAPOLIS--(BUSINESS WIRE)--May 15, 1995--SpectraScience Inc. (OTC:SPSI), today announced a net loss of $196,314, or 7 cents per share, 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 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 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 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, 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, 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, President & CEO, 612/931-9000