by Heather Mayer
, DOTmed News Reporter | October 27, 2010
Medical device company SpectraScience Inc. announced earlier this week that its CEO Jim Hitchin resigned Oct. 8 as the company plans to refocus its cancer diagnostics platform. The California-based company sent a letter to its shareholders announcing it will reallocate its business to focus more on specific markets.
The company's chair, Mark McWilliams, will serve as the interim CEO until the position is filled permanently.
SpectraScience said its WavSTAT
diagnostics system is well-positioned for the colon cancer screening market. It wants to bring the device to the esophageal cancer screening market in the future, but "going forward [it] will only spend time and resources with partners in markets where there is a clear business case," the company said.
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The company has several distribution deals pending in the European Union, with clinical studies and trials under review.
"A tactical goal is to tighten the focus of clinical studies and trials to those which directly support our new strategy and near-term business interests," the company said, also noting that it plans to make an announcement regarding the specifics of its business realignment in the coming weeks.
SpectraScience did not give further information regarding Hitchin's resignation.
As of Monday, the company had about $4 million in cash and cash equivalents and no debt. The board does not expect it will require any additional working capital to execute its restructuring plan for fiscal year 2011.
SpectraScience fell to $0.18 per share during morning trading, down from Tuesday's close of $0.20 per share.
SpectraScience could not be reached for comment.