Spectral Diagnostics Closes $5.6 Million Offering

Spectral Diagnostics Inc. (TSX: SDI) (OTC QX: DIAGF) ("Spectral",
or the "Company") and Toray Industries, Inc. ("Toray") today
announced the completion of the previously announced $5.6
million private placement of the Company, 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").

Toray acquired 16,666,667 Common Shares in the Private
Placement, at a price of $0.30 per Common Share, for
$5 million.  Following completion of the Private
Placement, Toray's 16,666,667 Common Shares represent approximately 12.6% of the
issued and outstanding Common Shares, calculated on a non-diluted basis

"We are very pleased to have Toray as a shareholder and we
sincerely appreciate the support of existing investors who participated in this
offering at a premium to market. This is indicative of the confidence that they
have in our clinical development program and prospects for Toraymyxin in the
U.S. market," said Anthony Businskas, Executive Vice President and CFO of
Spectral.

"This strategic investment not only provides additional funds
for the clinical trial, but also strengthens the existing collaborative
relationship we have with Spectral. Toray will work with Spectral to complete
the clinical study for U.S. FDA market approval of Toraymyxin and together we
hope to accelerate the launch of this product into the U.S. market," said
Kazuhiro Maruyama, Senior Vice President of Toray.

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.

The acquisition of the Common Shares by Toray was made for
investment purposes only, and not with the purpose of influencing control or
direction over Spectral.  Toray may acquire further Common Shares, or dispose of
its holdings of Common Shares, as investment conditions warrant.

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 commercialisation 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
[e-mail]