SpectraScience, Inc. Awarded Multiple Section 48D Grants Totaling $561,000

SAN DIEGO, CA--(Marketwire - November 08, 2010) - SpectraScience, Inc. (OTCBB: SCIE) today announced that it has been awarded three different government grants, totaling $561,000, for the continued development of its cancer screening technologies. The grants are a result of the Patient Protection and Affordable Care Act which was signed into law by President Barack Obama on March 23, this year.

The Act, which levels the playing field to some extent for small to mid-size companies, created a new Internal Revenue Code Section 48D and provides some financial relief for companies with new therapies that show significant potential to address areas of unmet medical need, or prevent, detect, or treat chronic or acute diseases or conditions; or reduce long-term health care costs in the United States; or significantly advance the goal of curing cancer within 30 years. The grants are not money or tax credits which are frivolously dispersed. The awarding of the monies is a result of a firm set of guidelines to identify the medical advancement as a “Qualifying Therapeutic Discovery Project” and involves a competitive application process.

Mark McWilliams, Chairman of SpectraScience, stated, “We are pleased to have been awarded these grants, and believe it reflects the considerable value of the technologies being developed and commercialized at SpectraScience.” He continued, “We believe these grants will significantly impact our balance sheet help us move the Company forward, and are an important milestone achieved for the Company. It is also important to note that the grants are not includable in the taxpayer’s gross income and that a significant portion of the grants are available for immediate reimbursement.”

About WavSTAT™

The WavSTAT™ Optical Biopsy System employs a spectrometry technique called Laser Induced Fluorescence (LIF) to optically illuminate and analyze tissue using a standard biopsy forceps. The System uses an optical fiber to send cool, safe UV laser light into suspected tissue, where the light reflects back to a computer at different frequencies, depending on the type of tissue. For example, in abnormal tissue, cells fluoresce differently than in healthy tissue and have a different physical “signature” that our system can interpret as either normal or abnormal. This can greatly assist the physician by providing an additional indication, displaying a green light for normal tissue and a red light for abnormal tissue. If the tissue appears abnormal, physicians can also use the WavSTAT System to biopsy the tissue.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties that may cause SpectraScience’s actual results to differ materially from results discussed in forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by SpectraScience in this news release, its most recent Form 10-K and in SpectraScience’s other reports filed with the Securities and Exchange Commission (“SEC”) that attempt to advise interested parties of the risks and factors that may affect SpectraScience’s business. These forward-looking statements are qualified in their entirety by the cautions and risk factors filed by SpectraScience in its annual report on Form 10-K and other documents.

About SpectraScience, Inc.

SpectraScience is a San Diego based medical device company that designs, develops, manufactures and markets spectrophotometry 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 scan tissue and provide the physician with an immediate analysis. With FDA approval for sale in the U.S. and the CE Mark for the European Union, the WavSTAT System is the first commercially available product that incorporates this innovative technology for clinical use. The Company’s LUMA imaging technology has received FDA approval for an optical non-invasive system that is proven to more effectively detect cervical cancer precursors than conventional methods available in the market today.