Trading on the OTCBB, Cascade Technologies Corp. is a company focused on medical technology opportunities. Founded in 2004, the Company’s initial core business was the purchase and sale of semiconductors. After achieving disappointing results in that market, Company management determined to review other business opportunities. The Company’s particular emphasis was on technology businesses.
Cascade, in early 2009, identified opportunities in the field of renewable energy based power producing assets in solar, wind and geothermal projects. However, upon concluding an agreement with Spectral Molecular Imaging, Inc. (SMI) to acquire SMI, Cascade Technologies Corp. decided to exit the renewable energy sector to focus on medical technology opportunities.
Yesterday, Cascade Technologies Corp. announced that they closed the acquisition of privately owned, Los Angeles-based medical device developer Spectral Molecular Imaging, Inc. (SMI) for stock. The transaction closed on March 15, 2010, with the merger of Cascade’s acquisition subsidiary into SMI effective March 16, 2010.
Now a wholly owned subsidiary of Cascade, Spectral Molecular Imaging, Inc. is a development-stage, medical imaging device company. Application of Spectral Molecular Imaging’s proprietary spectral-optical-imaging technology is expected to advance early diagnoses of cancer and precancerous conditions, in vivo.
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 four to five years, including the MelaSpect™ device, the EndoSpect™ device, and the OxySpect™ device. The targeting 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.
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.”