Medical device and cancer diagnostic group SpectraScience (OTCQB: SCIE) has acquired the assets of North Carolina firm Oncoscope, it said.
Oncoscope has developed a proprietary optical imaging system to provide immediate detection of pre-cancerous epithelial tissues using scattered white light.
Their first target indication was for Barrett's Esophagus - a precursor for cancer of the esophagus.
Michael Oliver, president and chief executive of SpectraScience, told investors: "The oncoscope technology is the perfect complement to ours.
"SpectraScience's Laser Induced Fluorescence Spectroscopy (LIFS) measures concentration of specific biomarkers in epithelial tissues.
"The strength of Oncoscope's technology is its focus on enlarged cell nuclei, an early marker of pre-cancers and cancers.
"Both technologies arrive at the same conclusion by measuring different indicators. Having two complementary technologies allows us to address multiple types of cancers including both esophageal and colon cancers."
He added: "Oncoscope's focus on a diagnostic for Barrett's Esophagus will shorten the development time for a commercial product to address this indication. With a solution for diagnosis of cancer in the upper GI as well as the lower GI, we will be able to more efficiently utilize our manufacturing capabilities and leverage the sales channel to Gastroenterologists."
Protected by more than 30 patents in 28 countries, covering fundamental elements of the technology, the SpectraScience's WavSTAT Optical Biopsy System uses light to optically scan tissue and provide the physician with an immediate analysis.
With FDA approval for sale in the US and the CE Mark for the European Union, the WavSTAT System is the first commercially available product that incorporates this innovative patent protected technology for clinical use.