Founded in 2004, Cascade Technologies Corp. is focused on medical technology opportunities. In March 2010, Cascade Technologies Corp. announced that they closed the acquisition of privately owned, Los Angeles-based medical device developer Spectral Molecular Imaging, Inc. (SMI). The transaction closed on March 15, 2010, with the merger of Cascade’s acquisition subsidiary into SMI effective March 16, 2010. Cascade Technologies Corp. has their headquarters in Beverly Hills, California.
A wholly owned subsidiary of Cascade, Spectral Molecular Imaging, Inc. is a development-stage, medical imaging device company. The expectation is that application of Spectral Molecular Imaging’s proprietary spectral-optical-imaging technology will advance early diagnoses of cancer and precancerous conditions.
SMI is developing non-invasive devices that use their patented technology for improved clinical diagnostics. This is mainly in the field of cancer pathology. They are developing optical diagnostic products that operate together with surgical and/or evaluation procedures in real time.
The Company intends to develop three products over the next few years. These are the SkinSpect™ device, the EndoSpect™ device, and the OxySpect™ device. The purpose of these devices will be to address the 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.
SMI has entered into a license agreement with Carnegie Mellon University for exclusive global license to patents issued to Carnegie Mellon. The uses licensed to SMI include spectral imaging for all clinical medical applications. This includes endoscopy and dermoscopy. Furthermore, SMI owns as assignee the rights to a U.S. patent covering a non-invasive technique for the potential early detection of cancer using imaging-elastic-scattering spectroscopy.
The intention of SMI’s devices is to harness their acousto-optic-tunable filter platform, generating revenue from unit sales, recurring items, and tangential services. This includes high profit margin software. SMI also intends to generate income from telemedicine (dermatology), device maintenance, optional feature modules, and remote terminals.
In June, Cascade Technologies Corp. announced that Mr. Gene Scher was appointed Director and Chief Operating Officer of the Company. Mr. Scher is a director and Chief Operating Officer of Gerova Financial Group, Ltd. and is currently a principal in Modern Vision Media, a company creating online programs.