SpectraScience announces strategic restructuring

San Diego-based SpectraScience, which develops non-invasive cancer detection products, is undertaking a strategic restructuring of its business in an effort to allocate its resources "in a more disciplined and focused manner" as it seeks to find a full-time CEO.

The company has announced distribution partnerships throughout the EU, all of which will reviewed. "Going forward we will only spend time and resources with partners in markets where there is a clear business case," the company says in a release. It is also reviewing a number of clinical trials.

"We expect in the coming weeks to provide more specific information relating to these efforts heading into 2011, key milestones that we expect to achieve, as well as new additions to our management and sales team that will help SpectraScience achieve sales and make this coming year the most successful in its history," according to a letter to shareholders. "By more carefully focusing our efforts and more effectively leveraging existing assets, we believe we can achieve our goals."

Former CEO Jim Hitchin resigned from his chairmanship Oct. 8. The company did not reveal any more details about Hitchin's departure, MassDevice notes. Mark McWilliams, who was recently appointed as the chairman of the board, will serve as interim CEO. In addition, CFO Jim Dorst will expand his role, acting also as COO, responsible for day-to-day oversight of the company's operations.

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