SpectraScience Inc (OTCMKTS:SCIE) shares were up 47.37% to $0.00280 on Tuesday and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $1.52 million at 715.74 million shares outstanding.
SpectraScience Inc is a company that is focused on developing its WavSTAT Optical Biopsy System, which employs a risk technology that optically illuminates tissue in real-time to distinguish between normal and pre-cancerous or cancerous tissue. It has developed a technology platform to determine if tissue is normal, pre-cancerous or cancerous, without the need for a physical biopsy.
This system operates by using cool, safe ultraviolet laser light to optically illuminate and analyze tissue, enabling the physician to make a diagnosis during endoscopy when screening for cancer and, if warranted, to begin immediate treatment during the same procedure. Also, WavSTAT4 uses laser-induced auto-fluorescence to obtain spectral information from tissue at the suspected site, making it classified as a non-significant risk device as it transmits low-level UV laser light energy through an optical fiber to the tissue through the working channel of an endoscope.
In a press release this week, SpectraScience Inc announced that Dr. Noor Mohammed of Leeds University, Leeds England, presented clinical findings of the WavSTAT4 Optical Biopsy System at United European Gastroenterology Week on October 19. This system was found to exceed the clinical guidelines adopted by EU and US medical societies for the diagnosis of small and diminutive colorectal polyps during screening colonoscopies.
This study once again underscores the clinical accuracy of the WavSTAT4 for diagnosing small polyps when used in colorectal cancer screening. Optical characterization of these polyps in real time is highly desired in order to permit the adoption of medical strategies that would avoid the cost of traditional pathology and prevent unnecessary polypectomies. Unlike image-based technologies that are consistently shown not to work adequately unless in the hands of experts and require complex human interpretations of the data, our system works equally well with clinicians of virtually all experience levels,” said Michael Oliver, President and CEO of SpectraScience Inc.
He added that the data from Leeds would be a key element in the company’s application for a favorable determination from the National Institute of Health and Clinical Excellence in the UK, which they plan on putting together for NICE adjudication by Q1 next year.
The daily chart of SpectraScience Inc shares still reflects tight consolidation with a downside bias. Price is trading slightly below the range support and could see further downside to the lows early this year. If these hold as support, price could head back to the top of the range resistance or even to the yearly highs just slightly below $0.01.
Volume remains subdued as investor interest hasn’t picked up yet, although a huge upside breakout on more company updates and positive feedback could be possible. Until WAVStat4 obtains the necessary approvals and clearances in its target markets in the US and Europe, though, SpectraScience Inc shares could continue to trade carefully sideways, barring any negative reports.
Earlier in the year, the company already shared data on the accuracy of WAVStat4 but this was met with an unsustained pop higher back in August, implying that investors want to see more progress before pushing prices up.