Cascade Technologies, a development-stage, medical imaging device maker, has acquired Los Angeles-based Spectral Molecular Imaging as a stock purchase.

Calgary, Canada-based Cascade issued approximately 31.74 million shares of common stock in connection with the merger, representing about 54 percent of Cascade's common stock after giving effect to post-merger transaction adjustments including share cancellations by a principal stockholder and shares issuable on conversion of up to $1.15 million of convertible notes placed on behalf of Cascade with a limited number of accredited investors concurrently with the merger closing, said the company.

Spectral Molecular is now a wholly owned subsidiary of Cascade.