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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
January 27, 2012</P>

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

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

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

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

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    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Minnesota</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State of other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>000-13092</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>41-1448837</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center">(Address of principal executive offices)<FONT STYLE="letter-spacing: 36pt">&nbsp;</FONT>(Zip
Code)</P>

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

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

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

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<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 21.15pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM&nbsp;1.01&nbsp;&nbsp;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">On January 27, 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 $600,000 of
5% original issue discount unsecured convertible debentures (the &ldquo;Debentures&rdquo;), initially convertible into shares of
its common stock at a conversion price equal to $0.0573, 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 its 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
$0.0745 per share, subject to adjustment, for aggregate gross cash proceeds of $570,000.&nbsp;&nbsp; </FONT>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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">The Securities were offered and sold
through a placement agent (the &ldquo;Placement Agent&rdquo;) on a best efforts basis. </FONT>We paid the Placement Agent a cash
fee&nbsp;and will issue the Placement Agent or its designees warrants to purchase&nbsp;shares of common stock at $0.0745 per share.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">Each Debenture provides that the Company
will </FONT>pay interest to the holder at an interest rate of 20% per annum on principal being converted on any voluntary conversion
date (as to that principal amount then being converted), and on the maturity date of July 27, 2012. The Company may pay principal
and interest due either in cash or, at its option, in shares of its common stock, each at a <FONT STYLE="color: black">conversion
price equal to $0.0573</FONT>. 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: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">The Warrants are exercisable at
an exercise price equal to $0.0745 per share until the Warrant termination date of January 27, 2017. The Warrants contain
a cashless exercise provision.</FONT> 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: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">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. </FONT>This current report shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall such Securities<FONT STYLE="color: black"> be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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,
which will be filed as an exhibit to the Company&rsquo;s annual report on Form 10-K, the form of Debenture, which is filed hereto
as Exhibit 4.1, and the form of Warrant, which is filed hereto as Exhibit 4.2.</P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"><B>ITEM&nbsp;2.03</B></TD>
<TD><FONT STYLE="color: black"><B>CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT
OF A REGISTRANT.</B></FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>ITEM&nbsp;3.02</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt"><B>UNREGISTERED SALES OF EQUITY SECURITIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>ITEM&nbsp;7.01</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt"><B>REGULATION FD DISCLOSURE</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>ITEM&nbsp;9.01.</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt"><B>FINANCIAL STATEMENTS AND EXHIBITS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 0; text-indent: 24.5pt">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit<BR>
        Number</B></P></TD>
    <TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Debenture issued by the Company to each subscriber in the private placement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Warrant issued by the Company to each subscriber in the private placement</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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>Dated: January 30, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">SPECTRASCIENCE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; text-decoration: none; border-bottom: Black 1pt solid">/s/&nbsp;Jim Dorst</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jim Dorst</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its:&nbsp; Chief Financial Officer and Chief Operating Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit<BR>
        Number</B></P></TD>
    <TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; font-weight: bold; vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Debenture issued by the Company to each subscriber in the private placement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Warrant issued by the Company to each subscriber in the private placement</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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



<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></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": "12556303"}, "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):
January 27, 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 January 27, 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 $600,000 of
5% original issue discount unsecured convertible debentures (the "Debentures"), initially convertible into shares of
its common stock at a conversion price equal to $0.0573, subject to adjustment, together with five-year warrants (the "Warrants"
and together with the Debentures, the "Securities") to purchase such number of shares of its 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
$0.0745 per share, subject to adjustment, for aggregate gross cash proceeds of $570,000.
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.
We paid the Placement Agent a cash
fee and will issue the Placement Agent or its designees warrants to purchase shares of common stock at $0.0745 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 20% per annum on principal being converted on any voluntary conversion
date (as to that principal amount then being converted), and on the maturity date of July 27, 2012. The Company may pay principal
and interest due either in cash or, at its option, in shares of its common stock, each at a
conversion
price equal to $0.0573
. 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 $0.0745 per share until the Warrant termination date of January 27, 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.
This current report shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall such Securities
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,
which will be filed as an exhibit to the Company's annual report on Form 10-K, the form of Debenture, which is filed hereto
as Exhibit 4.1, and the form of Warrant, which is filed hereto as Exhibit 4.2.
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.
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit
Number
Description
4.1
Form of Debenture issued by the Company to each subscriber in the private placement
4.2
Form of Warrant issued by the Company to each subscriber in the private placement
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: January 30, 2012
SPECTRASCIENCE, INC.
By:
/s/ Jim Dorst
Jim Dorst
Its:  Chief Financial Officer and Chief Operating Officer
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Form of Debenture issued by the Company to each subscriber in the private placement
4.2
Form of Warrant issued by the Company to each subscriber in the private placement