SpectraScience acquires Luma Imaging

The acquisition was accounted for as an exchange of the shares of both companies and includes substantial inventory and the worldwide application for 51 patents, 28 of which have issued, with a notice of allowance from the US Patent and Trademark Office on two additional applications and 21 patents that are pending.

Luma has developed and received FDA approval for an optical non-invasive diagnostic imaging system that is proven to more effectively detect cervical cancer precursors than using conventional means alone (i.e., colposcopy). The company’s Luma cervical imaging system utilizes a single-use disposable probe.

SpectraScience has developed a multi-patented and proprietary WavSTAT optical biopsy system that is used by physicians to diagnose tissue to determine if it is normal, precancerous or cancerous within seconds. The WavSTAT System is currently approved by the FDA for use in detecting precancer and cancer in the colon.

Jim Hitchin, SpectraScience’s CEO, said: “This acquisition gives us two FDA approved devices for the early detection of colon and cervical cancers. Completion of our Barrett’s esophagus trial and FDA approval will give us yet another early cancer detection application. We hope to launch other applications, such as early detection of lung cancer, using our optical technology in the near future.”