Spectral Molecular Imaging, Inc., a wholly-owned subsidiary of Cascade Technologies Corp., is a development-stage, medical imaging device company, applying its proprietary hyperspectral-optical imaging technology--originally developed for satellite reconnaissance--to advance the early and accurate diagnoses of cancer and precancerous conditions. SMI is developing non-invasive imaging systems using its patented technology and other proprietary knowhow for improved clinical diagnostics, primarily in the field of cancer pathology. SMI's devices utilize high-resolution imaging, identification, and analysis of certain molecular, cellular, and tissue features via patented spectral-imaging approaches. We expect to provide services related to our primary products, including software modules and maintenance services, and to develop optical diagnostic products that operate in conjunction with surgical and/or evaluation procedures in real time. We believe that our technology will enable early detection and more reliable diagnosis of various diseases, such as melanoma, Barrett's esophagus (a condition caused by chronic acid reflux that can lead to esophageal cancer) and lung cancer. We expect that medical devices using or based on our developed technology can significantly improve long-term patient outcomes and may substantially reduce overall costs for the healthcare system. For more information, please visithttp://www.spectralmi.com.
The $190,172 grant was awarded by the Internal Revenue Service in collaboration with the U.S. Department of Health and Human Services (USDHHS) under the Patient Protection and Affordable Care Act of 2010. The QTDP grant program provides support for innovative projects that are determined by the USDHHS to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer.
Cascade Technologies Corp announced that it has entered into a non-binding letter of intent to acquire all of the assets of AcuNetx, Inc. in exchange for common stock of Cascade. Completion of this proposed transaction is subject to numerous conditions including, without limitation, further due diligence, receiving shareholder and regulatory approvals, and negotiating and entering into a definitive assets purchase agreement.