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SPECTRASCIENCE REPORTS LOSS FOR 1992

 MINNEAPOLIS, Feb. 26 -- SpectraScience, Inc., (NASDAQ:SPSC) today announced revenue of $265,142 for 1992, down from $866,019 in 1991. The company's 1992 net loss was $3,850,253, equal to 43 cents per share, compared with $3,893,276, or 75 cents per share, in 1991.
 For the 4th quarter, the company reported revenue of $14,173, down from $49,618 in 1991. The net loss was $1,016,115, or 11 cents per share, compared with $1,144,188, or 22 cents per share, in 1991.
 SpectraScience, formerly GV Medical, Inc., is developing a diagnostic system which uses laser-induced fluoroscopy to identify and characterize coronary artery disease.
 SPECTRASCIENCE, INC.
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue $ 14,173 $ 49,618 $265,142 $ 866,019
 Cost of products
 sold 338,238 388,661 419,229 883,286
 Expenses:
 Research and
 development 320,999 311,026 1,966,131 2,100,962
 Selling, general
 & administrative 391,312 511,665 1,894,965 2,013,698
 Less interest and
 other income (20,261) (17,546) (164,930) (238,651)
 Total expenses 692,050 805,145 3,696,166 3,876,009
 Net loss $(1,016,115) $(1,144,188) $(3,850,253) $(3,893,276)
 Net loss per share $ (0.11) $ (0.22) $ (0.43) $ (0.75)
 Weighted average
 common shares 9,414,416 5,229,488 8,909,738 5,212,919
 -0- 2/26/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen Inc., 612-371-0000 or Tom Ahmann of SpectraScience, 612-059-4000/
 (SPSC)


CO: SpectraScience, Inc. ST: Minnesota IN: MTC SU: ERN

KH -- MN005 -- 0902 02/26/93 13:35 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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