SpectraScience Inc (OTCMKTS:SCIE) surges over 475% since announcing the acquisition of assets from Onscope. The stock surged 53% and closed at $0.0046. Volume has been skyrocketing adding plenty of liquidity as day traders and momentum traders push the stock higher. Roughly $99,000 worth of shares were traded with volume exceeding 21,000,000 shares.
As mentioned above, SCIE acquired all assets of Onscope. The company specializes in optical imaging system that provides minimally invasive detection of pre-cancerous tissues using scattered white light. The first target indication is Barrett’s Esophagus which is a precursor to esophagus cancer. According the Chief Executive Officer of SCIE, the two complementary technologies will allow them to address multiple types of cancers including both esophageal and colon cancers. This means that they will have a full solution for diagnosis of the upper and low GI. It will provide synergies to manufacturing and also allow the sales to upsell on other products relating to the GI.
SCIE looks to be in break out territory having fallen from its 52-week high of $0.04. There is plenty of exciting developments for investors to be optimistic about. With the recent acquisition of Onscope and the publication of its clinical data, SCIE could be staging a turn around.
SpectraScience offers a simplified and highly effective way of diagnosing colorectal cancer early, when recovery rates are high. Their product uses light to diagnose tissue health. SCIE’s patented technology instantly detects if tissue is normal, pre-cancerous or cancerous without the need for a costly physical biopsy. The company is headquartered in San Diego, California and shows that it has roughly 5 employees.
Financially, the company has zero revenues, almost zero cash, and over $8.57 million in outstanding liabilities. Shareholder equity is negative and has been increasingly worse every quarter. If the company went into bankrupt today, shareholders would be left holding the bag.
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SCIE is currently trading at a $1 million market valuation. With extremely poor financial performance, its hard to see much of a future for SCIE. However, the company is making strides forwards and any developments will likely send the share price through the roof as traders try to make a quick buck. Stay tuned as we will be updating SCIE daily. You don’t want to be left being the bag holder on this one.
We will be updating on SCIE when more details emerge so make sure you are subscribed to Microcapspot so you know what’s going on with SCIE.
Disclosure: we hold no position in SCIE either long or short and we have not been compensated for this article.