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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
September 19, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECTRASCIENCE, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minnesota</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>000-13092</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>41-1448837</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>11568-11 Sorrento Valley Road, San Diego,
CA 92121</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)&nbsp;(Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(858) 847-0200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registration under any of the following provisions (<I>see</I> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;1.01</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 19, 2012, SpectraScience, Inc. (the &ldquo;Company&rdquo;)
entered into subscription agreements (the &ldquo;Subscription Agreements&rdquo;) with five accredited investors (the &ldquo;Purchasers&rdquo;)
pursuant to which the Purchasers purchased an aggregate principal amount of $194,737 of 5% original issue discount unsecured convertible
debentures (the &ldquo;Debentures&rdquo;), initially convertible by Purchasers into shares of the Company&rsquo;s common stock
at a conversion price equal to $0.099, subject to adjustment, together with five-year warrants (the &ldquo;Warrants&rdquo; and
together with the Debentures, the &ldquo;Securities&rdquo;) to purchase such number of shares of the Company&rsquo;s common stock
equal to 50% of the number of shares of common stock initially issuable upon conversion of the Debentures, at an exercise price
equal to $0.1287 per share, subject to adjustment.&nbsp; The conversion price of the Debentures and the exercise price of the Warrants
are subject to customary adjustment provisions for stock splits, stock dividends, recapitalizations and the like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities were offered and sold through a placement agent
(the &ldquo;Placement Agent&rdquo;) on a best efforts basis. The Company paid the Placement Agent a cash fee&nbsp;and will issue
the Placement Agent or its designees warrants to purchase&nbsp;shares of its common stock at $0.1287 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Subscription Agreements contain certain customary subscriber
and Company representations and warranties, and certain risk factors related to the private placement and the Company. The Subscription
Agreements also provide that until the one year anniversary of the final closing, in the event of a subsequent financing (except
for certain exempt issuances as provided in the Subscription Agreements) by the Company, each subscriber will have the right to
participate in such subsequent financing up to an amount equal to the subscriber&rsquo;s proportionate share of the subsequent
financing based on such subscriber&rsquo;s participation in the private placement on the same terms, conditions and price provided
for in the subsequent financing. The Subscription Agreements also provide that for as long as the Debentures are outstanding, if
the Company effects a subsequent financing, the subscriber may elect, in its sole discretion, to exchange all, but not less than
all, of the Securities then held by Subscriber for any securities issued in a subsequent financing on a $1.00 for $1.00 basis based
on the outstanding principal amount of the Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Debenture provides that the Company will pay interest to
the holder at an interest rate of 16% per annum on principal being converted on any voluntary conversion date (as to that principal
amount then being converted), and will pay interest to the holder at the same rate on the maturity date of March 19, 2013. The
Company may pay interest due either in cash or, at its option, in shares of its common stock, at a conversion price equal to $0.099.
Each Debenture also contains certain customary negative covenants and events of default, including the Company&rsquo;s failure
to pay principal and interest, material defaults under the other transaction documents, bankruptcy, and the Company&rsquo;s failure
to deliver common stock certificates after a conversion date. Finally, each Debenture provides that, to be effective, any action
taken pursuant to the Debentures, including but not limited to amendments, waivers or declaration of defaults (which shall accelerate
payment of principal, interest, and all other amounts owing on each Debenture), requires the affirmative consent of holders of
25% in outstanding aggregate principal amount of Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrants are exercisable at an exercise price equal to $0.1287
per share until the Warrant termination date of September 19, 2017. The Warrants contain a cashless exercise provision. In the
event the Purchasers exercise the Warrants on a cashless basis, the Company will not receive any proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities were offered and sold to subscribers in reliance
upon exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended, and Rule 506 promulgated
thereunder. &nbsp;Each of the persons and/or entities receiving the Securities represented itself as an accredited investor (as
defined by Rule 501 under the Securities Act of 1933, as amended). The Securities referred to herein have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the material terms of the Subscription
Agreements and Securities does not purport to be a complete description of the rights and obligations of the parties thereunder
and is qualified in its entirety by reference to the full text of the form of Subscription Agreement entered into with each subscriber,
the form of Debenture and the form of Warrant, which will be filed as exhibits to the Company&rsquo;s quarterly report on Form
10-Q for the fiscal quarter ending September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;2.03</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER
    AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;3.02</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">UNREGISTERED SALES OF EQUITY SECURITIES</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;3.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;7.01</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">REGULATION FD DISCLOSURE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;7.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;Dated: September 20, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SPECTRASCIENCE, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; width: 60%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; width: 37%; text-indent: 0; border-bottom: Black 1pt solid">/s/&nbsp;Jim Dorst&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Jim Dorst</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Its:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer and Chief Operating Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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{"company-data": {"conformed-name": "SPECTRASCIENCE INC", "cik": "0000727672", "assigned-sic": "3845", "irs-number": "411448837", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13092", "film-number": "121101369"}, "business-address": {"street1": "11568 SORRENTO VALLEY ROAD", "street2": "SUITE 11", "city": "SAN DIEGO", "state": "CA", "zip": "92121", "phone": "(858) 847-0200"}, "mail-address": {"street1": "11568 SORRENTO VALLEY ROAD", "street2": "SUITE 11", "city": "SAN DIEGO", "state": "CA", "zip": "92121"}, "former-company": [{"former-conformed-name": "GV MEDICAL INC /MN", "date-changed": "19931119"}, {"former-conformed-name": "GV MEDICAL INC", "date-changed": "19920703"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 19, 2012
SPECTRASCIENCE, INC.
(Exact name of registrant as specified in
its charter)
Minnesota
(State of other jurisdiction of
incorporation)
000-13092
(Commission File Number)
41-1448837
(I.R.S. Employer
Identification No.)
11568-11 Sorrento Valley Road, San Diego,
CA 92121
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including
area code:
(858) 847-0200
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registration under any of the following provisions (
see
General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On September 19, 2012, SpectraScience, Inc. (the "Company")
entered into subscription agreements (the "Subscription Agreements") with five accredited investors (the "Purchasers")
pursuant to which the Purchasers purchased an aggregate principal amount of $194,737 of 5% original issue discount unsecured convertible
debentures (the "Debentures"), initially convertible by Purchasers into shares of the Company's common stock
at a conversion price equal to $0.099, subject to adjustment, together with five-year warrants (the "Warrants" and
together with the Debentures, the "Securities") to purchase such number of shares of the Company's common stock
equal to 50% of the number of shares of common stock initially issuable upon conversion of the Debentures, at an exercise price
equal to $0.1287 per share, subject to adjustment.  The conversion price of the Debentures and the exercise price of the Warrants
are subject to customary adjustment provisions for stock splits, stock dividends, recapitalizations and the like.
The Securities were offered and sold through a placement agent
(the "Placement Agent") on a best efforts basis. The Company paid the Placement Agent a cash fee and will issue
the Placement Agent or its designees warrants to purchase shares of its common stock at $0.1287 per share.
The Subscription Agreements contain certain customary subscriber
and Company representations and warranties, and certain risk factors related to the private placement and the Company. The Subscription
Agreements also provide that until the one year anniversary of the final closing, in the event of a subsequent financing (except
for certain exempt issuances as provided in the Subscription Agreements) by the Company, each subscriber will have the right to
participate in such subsequent financing up to an amount equal to the subscriber's proportionate share of the subsequent
financing based on such subscriber's participation in the private placement on the same terms, conditions and price provided
for in the subsequent financing. The Subscription Agreements also provide that for as long as the Debentures are outstanding, if
the Company effects a subsequent financing, the subscriber may elect, in its sole discretion, to exchange all, but not less than
all, of the Securities then held by Subscriber for any securities issued in a subsequent financing on a $1.00 for $1.00 basis based
on the outstanding principal amount of the Debentures.
Each Debenture provides that the Company will pay interest to
the holder at an interest rate of 16% per annum on principal being converted on any voluntary conversion date (as to that principal
amount then being converted), and will pay interest to the holder at the same rate on the maturity date of March 19, 2013. The
Company may pay interest due either in cash or, at its option, in shares of its common stock, at a conversion price equal to $0.099.
Each Debenture also contains certain customary negative covenants and events of default, including the Company's failure
to pay principal and interest, material defaults under the other transaction documents, bankruptcy, and the Company's failure
to deliver common stock certificates after a conversion date. Finally, each Debenture provides that, to be effective, any action
taken pursuant to the Debentures, including but not limited to amendments, waivers or declaration of defaults (which shall accelerate
payment of principal, interest, and all other amounts owing on each Debenture), requires the affirmative consent of holders of
25% in outstanding aggregate principal amount of Debentures.
The Warrants are exercisable at an exercise price equal to $0.1287
per share until the Warrant termination date of September 19, 2017. The Warrants contain a cashless exercise provision. In the
event the Purchasers exercise the Warrants on a cashless basis, the Company will not receive any proceeds.
The Securities were offered and sold to subscribers in reliance
upon exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended, and Rule 506 promulgated
thereunder.  Each of the persons and/or entities receiving the Securities represented itself as an accredited investor (as
defined by Rule 501 under the Securities Act of 1933, as amended). The Securities referred to herein have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
The foregoing description of the material terms of the Subscription
Agreements and Securities does not purport to be a complete description of the rights and obligations of the parties thereunder
and is qualified in its entirety by reference to the full text of the form of Subscription Agreement entered into with each subscriber,
the form of Debenture and the form of Warrant, which will be filed as exhibits to the Company's quarterly report on Form
10-Q for the fiscal quarter ending September 30, 2012.
ITEM 2.03
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER
    AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 2.03.
ITEM 3.02
UNREGISTERED SALES OF EQUITY SECURITIES
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 3.02.
ITEM 7.01
REGULATION FD DISCLOSURE
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 7.01.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 20, 2012
SPECTRASCIENCE, INC.
By:
/s/ Jim Dorst
Jim Dorst
Its:
Chief Financial Officer and Chief Operating Officer