Cascade Technologies Purchases Spectral Molecular for Stock

Cascade Technologies Corp. has acquired privately owned medical device developer Spectral Molecular Imaging Inc. for stock, according to the Verndown, Va., firm.

Cascade has issued about 31,744,000 shares of common stock in connection with the merger, representing about 54 percent of Cascade’s common stock, the company said.

Spectral Molecular Imaging Inc. (SMI), which is now a wholly owned subsidiary of Cascade, is a development-stage medical imaging device company. Spectral’s proprietary spectral-optical-imaging technology is expected to advance early diagnoses of cancer and precancerous conditions, in vivo, Cascade said.

The company intends to develop three products over the next four to five years: the MelaSpect device, the EndoSpect device, and the OxySpect device, which will be targeted to address early detection of skin cancer, to investigate more accurately tissue status during gastrointestinal and pulmonary endoscopy, and for mapping tissue oxygenation during and after surgical intervention, respectively.

Erik Lindsley, Cascade’s president, said: “The founders of SMI have acquired and developed highly innovative and potentially game-changing medical technology in the cancer detection market. Our objective is to take that existing technology, complete the rigorous development and regulatory cycle, and commercialize it, initially in the skin cancer market and later in other applications. It is our desire to rapidly position Cascade effectively to compete in the worldwide marketplace for innovative and effective medical diagnostics.”