SAN DIEGO, CA--(Marketwired - June 24, 2013) - SpectraScience, Inc. (OTCQB: SCIE) announced today that PENTAX Medical GmbH, the sales, marketing and distribution partner for the WavSTAT4 Optical Biopsy System in Europe, has finalized and signed the minimum purchase requirement Exhibit of the Distribution Agreement for their fiscal year ending March 2014.
As required by the Distribution Agreement, the parties jointly develop a sales forecast for the upcoming fiscal year and use that forecast to derive minimum purchase quantities. Purchasing the minimum quantities specified is required on the part of PENTAX to retain exclusivity to distribute the WavSTAT4 in the European market.
"The minimum quantities we have agreed upon provide for a significant increase in SpectraScience revenue over the next twelve months. It is important to note that these are minimum quantities and our mutually developed sales forecast is higher than the minimum purchase requirement." SpectraScience CEO Mike Oliver continued, "With the publication of a clinical data abstract at the annual Digestive Disease Week conference that demonstrates a Negative Predictive Value in excess that required for widespread adoption and the commencement of our marketing and economic evaluations in seven European countries scheduled to begin in Q3, we are well positioned to meet or exceed our sales forecast."
About SpectraScience, Inc.
SpectraScience is a San Diego based medical device company that designs, develops, manufactures and markets light-based analysis systems capable of determining whether tissue is normal, pre-cancerous or cancerous without physically removing tissue from the body. The WavSTAT Optical Biopsy System uses light to optically diagnose tissue and provide the physician with an immediate analysis. With approval for sale under the CE Mark for the European Union, the WavSTAT System is the first commercially available product that incorporates this innovative technology for clinical use.