Cascade Technologies has acquired privately-owned, Los Angeles-based medical device developer Spectral Molecular Imaging (SMI) for stock.
Application of Spectral Molecular Imaging’s spectral-optical-imaging technology originally developed for satellite reconnaissance is expected to advance early diagnoses of cancer and precancerous conditions, in vivo.
SMI has been developing non-invasive devices that use its patented technology for improved clinical diagnostics, primarily in the field of cancer pathology. These devices utilize high-resolution imaging, identification, and analysis of certain molecular, cellular, and tissue features via spectral-imaging approaches. SMI also intends to provide services related its primary products, including software modules and maintenance services.
SMI has also been developing optical diagnostic products that operate in conjunction with surgical and/or evaluation procedures in real time. SMI’s technology, still in development, is expected to enable early detection and more reliable diagnosis of various diseases, such as Barrett’s esophagus, lung cancer, and melanoma. SMI believes that development of its technology may improve long-term patient outcomes while reducing overall costs for the healthcare system.
While working at Carnegie Mellon University directing the Center for Light Microscope Imaging and Biotechnology, a national science and technology center, Dr Farkas and his colleagues conducted development work and intellectual property protection on acousto-optic tunable filters for high-resolution, hyperspectral optical bioimaging a technology developed originally for satellite reconnaissance.
SMI was formed to further develop and commercialize the approach and other optical molecular imaging technologies because of their potential to save lives and improve patient outcomes.
Erik Lindsley, president of Cascade, 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.”