Spectral Molecular Imaging awarded $190,172 QTDP grant for development of melanoma detection system

Nov 9 2010

Cascade Technologies Corp., (OTCBB: CSDT) announced today that its wholly-owned subsidiary Spectral Molecular Imaging, Inc. (SMI) has received a grant under the Qualifying Therapeutic Discovery Project (QTDP) program to advance the development of the company's SkinSpect system for the detection of melanoma and other skin cancers.

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. More information about the QTDP can be found in IRS Notice 2010-45.

Commenting on the grant award, Dr. Daniel Farkas, SMI's Chairman and CEO, said "We appreciate the financial support provided by this award, and given some of the funding constraints associated with the current size of this project, we are very pleased that we were awarded the full amount we requested. More than the funds, however, we prize the recognition that our planned SkinSpect product can contribute to advancing treatment for deadly skin cancer by finding melanoma early, when early treatment has a near 100% success rate. We are excited by the prospect of deploying this technology to help save lives while at the same time reducing costs to the medical system."