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SPECTRASCIENCE INSTITUTES CASH CONSERVATION MEASURES, COMPLETING PRODUCT DEVELOPMENT ACTIVITIES

 MINNEAPOLIS, Aug. 13 /PRNewswire/ -- SpectraScience, Inc. (NASDAQ:SPSC) has reduced its workforce and is relocating to a smaller, more cost effective facility in order to conserve cash resources while completing development of its laser diagnostic system for cardiovascular disease, the company announced today.
 "Development of the company's diagnostic guidewire has taken longer than originally anticipated," said Brian McMahon, president and chief executive officer. "We have reduced the workforce to an organization of key engineers, supplemented by outside resources in the areas of spectroscopic diagnostics, regulatory affairs and biostatistics. This core group will complete the engineering and software modifications the product requires prior to filing an application with the Food and Drug Administration.
 "We believe that the company's remaining $2 million in cash will be sufficient to fund this work with the reduced staff. We also are seeking a strategic alliance that would provide additional capital or a revenue stream until the diagnostic system can be commercialized."
 SpectraScience designs, develops, manufactures and markets laser- enhanced systems for the diagnosis and treatment of cardiovascular disease. The diagnostic system, which uses laser induced fluorescence to identify and characterize vascular disease, currently is the main focus of the company's development efforts. SpectraScience is based in Minneapolis.
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 /CONTACT: Curt Swenson of Swenson/Falker Associates Inc., 612-371-0000, for SpectraScience; or Tom Ahmann of SpectraScience, 612-559-4000/
 (SPSC)


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

DB -- MN013 -- 2680 08/13/93 16:14 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
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