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| 8-K - SPECTRASCIENCE INC | v204319_8k.htm |
SpectraScience
Announces Appointment of Michael Oliver as President and Chief Executive
Officer
SAN
DIEGO, December 1, 2010 (Marketwire) – SpectraScience, Inc. (OTCBB:SCIE), a San
Diego-based medical device company, today announced that as part
of its restructuring plan announced on October 25, 2010, its board of directors
has appointed Michael Oliver as the Company’s new President and Chief Executive
Officer, effective November 29, 2010. Mark McWilliams will continue to serve as
Chairman of the Company and Jim Dorst will remain in place as the Company’s
Chief Financial Officer and Chief Operating Officer.
Mark
McWilliams said that “Michael is an outstanding choice to lead SpectraScience
into the next phase of its operating and business plan and we expect to continue
with a smooth transition through this important milestone in the Company’s
succession plan.”
Mr.
Oliver, 62, has more than 20 years of experience in the medical device industry,
and has been a member of four separate management teams that took over
struggling medical device companies, increased their revenues and profitability
and sold them to strategic buyers. In these companies Mr. Oliver served in the
capacity of head of sales and marketing, and, in two cases held major
operational responsibilities as well. Mr. Oliver received his MSA from George
Washington University and his BS from the United States Naval
Academy.
“We are
delighted that Michael will be joining us,” said McWilliams. “His long and
proven track record in leadership positions has prepared him well for this role.
He is an extremely capable leader with extensive experience in turning around
medical device companies. We are confident that he offers the right combination
of experience, results and talents for SpectraScience going
forward.”
“As chair
of the search committee, I had the opportunity to review a number of strong
candidates and Michael stood out convincingly as our top choice,” said Stan
Pappelbaum, M.D., a member of the Company’s board of directors. “His experience
and success leading early-stage medical device companies – coupled with his
specific expertise in sales and marketing – made him the clear selection to be
SpectraScience’s new President and CEO. We are very pleased that Michael
will be assuming leadership of the Company.”
“It is an
honor to join SpectraScience as President and Chief Executive Officer, a
company with tremendous potential to positively impact the cancer screening and
diagnostics industry,” said Mr. Oliver. “I look forward to leading the
SpectraScience team and am committed to creating value for the Company, our
employees and our shareholders.”
Forward
Looking Statements
This news
release contains forward-looking statements that 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.
Contact:
SpectraScience,Inc.
Michael
Oliver, President and Chief Executive Officer
(858)
847-0200
Jim
Dorst, Chief Financial Officer and Chief Operating Officer
(858)
405-9933
Hayden
Communications
Investor
Relations
Todd
Pitcher
(858)
518-1387