Calgary, Canada-based Cascade said it entered into a letter of intent to acquire all of AcuNetx’s assets in exchange for common stock.
Cascade has been increasing its holdings in the medical imaging device industry, acquiring Beverly Hills, Calif.-based Spectral Molecular Imaging Inc. in another stock swap in March. Cascade conducts its imaging business through SMI, which is developing non-invasive imaging systems for the early diagnosis of cancer.
“What appears attractive to us, is that AcuNetx designs, manufactures and markets products that utilize non-invasive optical imaging of the eye for assessing important body functionality ranging from balance testing to fitness for duty to law enforcement. These products may complement the proprietary products we have under current development,” SMI CEO Daniel Farkas said at the time.
SMI marked its growth in early October with the appointment of Sam Raz as vice president for international business development.
In addition to regulatory approval, the nascent deal is still subject to Cascade’s own due diligence and the approval of AcuNetx’s shareholders, according to Cascade.