EXHIBIT 99.3

           Conference Call Slides for January 2, 2002 Conference Call



Slide 1

                         SpectRx + Sterling Medivations
                        CREATING A FRANCHISE IN DIABETES

Slide 2
- -        The acquisition expands SpectRx's diabetes opportunity
- --       Insulin delivery complements our existing glucose monitoring technology
- -        Pump market disposables = $200 million opportunity growing to $600
         million by 2004
- -        Brings innovation and competition to pump disposables market
- -        Strong pipeline of innovative insulin delivery products
- -        Have FDA clearances of expected products
- -        Creates a path to a closed-loop diabetes management system

Slide 3
- -        The acquisition should accelerate SpectRx's transition to a sales and
         earnings company
- --       A portfolio of innovative products with expected market introductions
         beginning in 3Q 2002
- -        Strong product pipeline
- -        Initial products focus on innovative, price-competitive insulin pump
         delivery
- -        Revenue supports development of additional products
- -        Distribution and marketing channel development underway

Slide 4
Simple Choice(TM) Soft
- -        FDA CLEARED
- -        EXPECTED LAUNCH IN 3Q 2002
- -        SOFT CANNULA INSERTS AT A COMFORTABLE ANGLE
- -        IMPROVED TAPE FOR BETTER ADHESION
- -        SECONDARY PORT FOR INJECTION OF SECOND INSULIN WITH NO MORE STICKS
- -        MADE OF HYPOALLERGENIC MATERIAL
- -        QUICK DISCONNECT HUB

Slide 5
Simple Choice(TM) Quick
- -        FDA CLEARED
- -        EXPECTED LAUNCH IN 3Q 2002
- -        360(DEGREE) ROTATING HUB
- -        NO KINK TUBING
- -        SOFT CANNULA INSERTS AT A COMFORTABLE ANGLE
- -        IMPROVED TAPE FOR BETTER ADHESION
- -        SECONDARY PORT FOR INJECTION OF SECOND INSULIN WITH NO MORE STICKS
- -        MADE OF HYPOALLERGENIC MATERIAL

Slide 6
Supplier and Distribution Channel Development
- -        Supply
- -        Initial production will be external
- -        Facet Technologies - Engineering
- -        Nipro Corporation - Manufacturing



- -        Distribution
- -        Expect to use distributors and some direct sales
- -        Discussions underway with distributors, pharmacy chains and managed
         care
- -        Contract in place with Matria Healthcare to distribute diabetes and
         women's health infusion sets

Slide 7
Intellectual Property
- -        Key personnel to remain with SpectRx
- -        Joel Douglas -
- -        Co-founder of Amira Medical
- -        36 related U.S. patents, 20 patents pending
- --       Sterling has 10 U.S. pending patent applications
- --       Patent Cooperative Treaty (PCT) applications pending for international
         markets
- --       "Freedom to operate" in place

Slide 8
Acquisition Terms
- -        Initial
- -        Exchanged 620,000 shares of SpectRx common stock for Sterling stock
- -        Reserved 23,000 shares for options
- -        Valued at $4.5 million based on 12/28/01 closing price of SpectRx stock
- --       Contingent Consideration
- -        Sterling stockholders can receive up to 1.2 million additional shares
         of SpectRx common stock
- -        Performance based
- -        Paid if products are successful

Slide 9
Financial
- -        Financial Guidance
- --       Expect product launch by Q3 2002
- --       Revenue range - $3 million to $7 million
- --       Annual revenue run rate at end of year $8 million to $12 million
- --       More detailed guidance at year-end conference call February 27

Slide 10
Summary
- -        SpectRx+Sterling creating a franchise in diabetes
- --       Significant market opportunity
- --       Accelerates ramp-up of sales and earnings
- --       Revenue supports product development
- --       Acquisition terms very favorable to both entities
- --       First product expected on market in 6 to 9 months