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EXIBIT 99.1
[SPECTRX LETTERHEAD]
SpectRx, Inc.
October 4, 2002
Contacts
Bill Wells - Media
Thomas H. Muller, Jr. - Financial
770-242-8723
SpectRx, Inc. May Seek Listing on NASDAQ SmallCap Market
NORCROSS, GA (October 4, 2002) -- SpectRx, Inc. (NASDAQ:
SPRX) today announced that it may seek listing on the NASDAQ
SmallCap Market. The Company has received a determination from
NASDAQ that it does not meet either the NASDAQ current net
tangible assets requirement or the new higher stockholders'
equity requirement for continued listing on the National Market
tha. SpectRx has requested a hearing to present reasons why it
should retain its National Market Listing. The hearing is
expected to take place within 45 days and SpectRx will continue
to be listed on the National Market during that time. SpectRx
could also qualify for continued listing under alternative market
capitalization rules, if its market capitalization rises.
Although there are no assurances that the appeal will be
successful or that a transfer application to the NASDAQ SmallCap
Market, if necessary, would be approved, the Company believes
that it meets the applicable SmallCap Market standards for
inclusion.
"We believe we have the plans in place that will enable us
to take steps to meet NASDAQ National Market listing
requirements," said Mark A. Samuels, SpectRx, Inc. Chairman and
CEO. "We have made significant progress toward those plans --
laid out during our second quarter conference call -- which
included separately funding our non-invasive cervical cancer
development program, launching our initial insulin delivery
products, and moving our continuous glucose monitoring program
forward. If successful, these, and other activities, should help
us raise our net tangible assets and stockholders' equity above
the minimum requirement and perhaps raise our market
capitalization as well."
SpectRx must meet one of two maintenance standards to retain
its National Market listing. Standard 1 currently requires at
least $4.0 million of net tangible assets but will change to
$10.0 million of stockholders' equity effective November 1, 2002.
Maintenance Standard 2 requires the market value of listed
securities to be $50 million. There can be no assurance that the
Company will be able to successfully accomplish its plans, or
that, if it does, that there would be any increase in the market
value of its listed securities.
About SpectRx
SpectRx, Inc. is a medical technology company providing
innovative detection, monitoring and treatment solutions for the
diabetes and non-invasive diagnostics healthcare markets.
SpectRx is developing and will market the SimpleChoice line of
innovative insulin delivery products for people with diabetes.
These FDA-cleared products complement SpectRx's consumer device
for continuous glucose monitoring under development with Abbott
Laboratories. SpectRx is also creating opportunities for its
leading-edge biophotonic detection and monitoring technology,
which uses light and spectral energies to create painless
alternatives to blood-based and tissue-based procedures. Non-
invasive products include a developmental non-invasive cervical
cancer detection device. SpectRx also markets the BiliChek Non-
invasive Bilirubin Analyzer, a biophotonic, non-invasive,
painless monitor for infant jaundice. For more information,
visit SpectRx's web site at www.spectrx.com.
SpectRx and BiliChek are trademarks owned by SpectRx, Inc.
SimpleChoice, a SpectRx Company, owns all SimpleChoice
trademarks.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: A number of the matters and
subject areas discussed in this press release that are not
historical or current facts deal with potential future
circumstances and developments. The discussion of such matters
and subject areas is qualified by the inherent risks and
uncertainties surrounding future expectations generally and also
may materially differ from SpectRx's actual future experience
involving any of or more of such matters and subject areas.
SpectRx has attempted to identify, in context, certain of the
factors that it currently believes may cause actual future
experience and results to differ from SpectRx's current
expectations regarding the relevant matter or subject area. Such
risks and uncertainties include: the early stage of products in
development, its dependence on collaborative arrangements, the
uncertainty of market acceptance of its products, the uncertainty
of development or effectiveness of distribution channels, the
intense competition in the medical device industry, the
uncertainty of capital to develop products, the uncertainty of
regulatory approval of its products, its dependence on licensed
intellectual property, as well as those that are more fully
described from time to time in SpectRx's reports under the
heading "Risk Factors" filed with the SEC, including SpectRx's
Annual Report on Form 10-K for the fiscal year ended December 31,
2001 and subsequent quarterly reports.
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