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SPECTRASCIENCE REPORTS REDUCED LOSS FOR THIRD QUARTER

 MINNEAPOLIS, Nov. 4 /PRNewswire/ -- SpectraScience, Inc. (NASDAQ: SPSC) today announced a loss of $102,439, equal to 1 cent per share, for the third quarter of 1993, down from last year's loss of $894,441, o r 10 cents. While the company has sharply reduced the scope of its operations from last year, the quarter also benefited from gains on asset sales and the favorable resolution of disputed costs under a research contract.
 Revenue for the quarter declined to $675 from $73,627 in the third quarter last year.
 The company said it had succeeded in reducing by approximately $400,000 the costs of patent litigation that had been billed under a research contract with the Massachusetts Institute of Technology. This reduction more than offset other research expenses incurred during the quarter, resulting in a research and development credit of $68,466 for the period.
 SpectraScience earlier reported that it has reduced its workforce and has relocated to a smaller, more cost effective facility in order to conserve cash resources while completing development of its laser diagnostic system for cardiovascular disease.
 SpectraScience designs, develops, and intends to market next year, 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 Minnetonka, Minn.
 SpectraScience, Inc.
 Statements of Operations
 (Unaudited)
 Three months ended Nine months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenue $ 675 $ 73,627 $ 35,002 $ 250,969
 Costs of products sold 34,816 62,354 125,139 316,493
 Expenses:
 Research and
 development (68,446) 529,168 1,030,654 1,409,630
 Selling, general and
 administrative 226,588 322,237 925,790 1,503,653
 Less interest and other
 (income) and
 expenses (89,844) 54,309 (146,875) (144,669)
 Total expenses 68,298 905,714 1,809,569 2,768,614
 Net loss ($102,439) ($894,441)($1,899,706)($2,834,138)
 Net loss per share ($0.01) ($0.10) ($0.14) (0.32)
 Weighted average
 common shares 13,751,747 9,261,001 13,110,625 8,771,866
 -0- 11/4/93
 /CONTACT: Curt Swenson of Swenson/Falker Associates Inc., 612-371-0000, for SpectraScience; or Tom Ahmann of SpectraScience, 612-931-9000/
 (SPSC)


CO: SpectraScience ST: Minnesota IN: MTC SU: ERN

CP-DS -- MN018 -- 0933 11/04/93 16:31 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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