Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) ("Spectral",
or the "Company") today announced that it has increased the size of its
previously announced private placement to an aggregate $5.6
million, comprised of a total of 18,666,667 common shares in the capital
of the Company ("Common Shares"), at a price of $0.30 per Common Share (the "Private Placement").


In addition to the previously announced 16,666,667 Common
Shares to be sold to Toray Industries, Inc. ("Toray") at a price of $0.30 per Common Share for $5
million from Toray, the Company has agreed to sell a further 2,000,000
Common Shares to other subscribers at a price of $0.30 per Common Share, for additional proceeds of $600,000.


Following the closing of the Private Placement, Toray's
investment will represent approximately 12.6% of the issued and outstanding
Common Shares, calculated on a non-diluted basis.


The net proceeds of the Private Placement will be used to
continue to support the Company's Phase III EUPHRATES clinical trial and
for general corporate purposes.


Closing of the Private Placement is subject to the approval of
the Toronto Stock Exchange and other customary
closing conditions. The Private Placement is currently expected to close at the
beginning of April, 2013.


About Spectral Diagnostics


Spectral is a Phase III company seeking U.S. FDA approval for
its lead theranostics product (Toraymyxin) for the treatment of septic shock.
Toraymyxin is a therapeutic hemoperfusion device that removes endotoxin, which
can cause sepsis, from the bloodstream. Directed by the Company's Endotoxin
Activity Assay (EAA™), the only FDA-cleared diagnostic for the risk of
developing sepsis, Spectral's EUPHRATES trial is the world's first theranostics
trial in the area of sepsis.


Spectral is listed on the Toronto Stock Exchange under the symbol SDI, and on the
OTC QX under the symbol DIAGF. For more information please visit www.spectraldx.com


About Toray Industries, Inc.


Toray Industries, Inc. is a Japanese-based manufacturer of
fibers, textiles, plastics, chemicals, IT related products, carbon fiber
composite materials, environmental and engineering equipment, and pharmaceutical
and medical products.  In FY 2011, Toray was active in 23 countries and regions,
and had net sales of ¥1.6 trillion (approximately U.S.$19
billion). Toray manufactures the Toraymyxin hemoperfusion device and has
licensed to Spectral the exclusive rights to this product in the United States and granted the Company exclusive
distribution rights in Canada.


Note: U.S. dollar amounts have been converted from yen at the
exchange rate of ¥82.2 = U.S.$1, the approximate
rate of exchange prevailing on March 31, 2012.


Forward-looking statement


Information in this news release that is not current or
historical factual information may constitute forward looking information within
the meaning of securities laws. Implicit in this information, particularly in
respect of the future outlook of Spectral and anticipated events or results, are
assumptions based on beliefs of Spectral's senior management as well as
information currently available to it. While these assumptions were considered
reasonable by Spectral at the time of preparation, they may prove to be
incorrect.


Readers are cautioned that actual results are subject to a
number of risks and uncertainties, including the availability of funds and
resources to pursue R&D projects, the successful and timely completion of
clinical studies, the ability of Spectral to take advantage of business
opportunities in the biomedical industry, the granting of necessary approvals by
regulatory authorities as well as general economic, market and business
conditions, and could differ materially from what is currently expected.


The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this statement.


SOURCE: Spectral Diagnostics Inc.

For further information:

Spectral Diagnostics Inc.


Anthony Businskas
Executive Vice President and CFO
416-626-3233 ext.
2200


Adam Peeler
Investor Relations
416-815-0700 ext. 225
apeeler@tmxequicom.com


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