SpectraScience Seeking $5M

8/4/09Follow @bvbigelow

San Diego medical device maker SpectraScience, (OTCBB: SCIE) has raised $930,000 of a planned $5 million round, according to a recent SEC filing. The funding is being raised from individual investors, according to CEO Jim Hitchin, who founded SpectraScience on optical biopsy technology salvaged from the bankruptcy of GV Medical, a Minnesota medical technology company.  He says SpectraScience plans to use the capital mostly to expand its sales and distribution network for equipment it has developed for examing the colon, cervix and other internal tissues for signs of cancer.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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