Lumera Reaches Agreement with the Medical University of South Carolina; MUSC and Lumera Sign Codevelopment Contract to Build Pro
February 06 2006 - 8:45AM
Business Wire
Lumera Corporation (Nasdaq:LMRA), an emerging leader in the field
of nanotechnology, announced today that it has executed a letter of
intent with the Medical University of South Carolina to purchase
its newly released ProteomicProcessor(TM) Biosensor instrument.
Additionally, MUSC and Lumera announced they will co-develop a new
protein chip, based on Lumera's NanoCapture(TM) HPT technology,
which will be aimed at the growing drug discovery and toxicology
market. Terms of the agreement were not disclosed. "Our agreement
with MUSC represents a significant milestone for our Bioscience
division," said Lumera CEO Tom Mino. "We believe the researchers at
MUSC are truly innovative in their approach to developing next
generation toxicology methods aimed at speeding up the drug
discovery process. We see great potential for the jointly developed
intellectual property." Lumera's NanoCapture(TM) HPT technology is
a proprietary surface coating and related methods, which allows
proteins to be bound to a surface and remain biologically active.
"In the emerging field of protein arrays, no standard has been
created for attaching proteins to a chip. We believe that with our
HPT technology, we are going to be able to define the standard,"
said Ron Dudek, Lumera's Bioscience Product Group Manager.
"Lumera's approach is entirely unique," said Dr. Craig Beeson,
Associate Professor in the South Carolina College of Pharmacy at
MUSC. "With the combined power of Lumera's ProteomicProcessor(TM)
and NanoCapture(TM) HPT technologies, we feel as though we can
catapult our research in mitochondrial biology to the forefront of
the drug toxicology screening arena." According to market research
firm Business Communications Company, Inc., the U.S. market for in
vitro toxicology is currently estimated at $1.1 billion. Forecasted
to grow at an average annual growth rate of 12.1%, this market is
expected to reach $1.96 billion by 2007. Although financial terms
were not disclosed, under this agreement, Lumera retains rights to
commercialize all jointly developed intellectual property. About
MUSC The Medical University of South Carolina's mission is to
preserve and optimize human life in South Carolina and beyond. MUSC
is the core of the state's largest medical complex, its only
tertiary/quaternary care referral center, and its only
free-standing academic health center. The university offers a full
range of programs in the biomedical and health sciences serving as
a setting for clinical research, contributing financial, facility
and intellectual resources to conduct research, and providing
opportunity for appropriate participation of hospital patients in
research and treatment protocols. MUSC is listed by the National
Science Foundation as one of the top 100 universities and colleges
in the nation for garnering federal dollars for science and
engineering. About Lumera Lumera is an emerging leader in the field
of nanotechnology. The company designs proprietary molecular
structures and polymer compounds for a broad range of bioscience,
electro-optic, and specialty nanotechnology applications. The
company also has developed proprietary processes for fabricating
such devices. For more information, please visit
http://www.lumera.com/. Certain statements contained in this
release are forward-looking statements that involve a number of
risks and uncertainties. Factors that could cause actual results to
differ materially from those projected in the company's
forward-looking statements include the following: market acceptance
of our technologies and products; our ability to obtain financing;
our financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological
change; government regulation of our technologies; our ability to
enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract
awards and to develop partnership opportunities; the timing of
commercial product launches; the ability to achieve key technical
milestones in key products; and other risk factors identified from
time to time in the company's SEC reports, including in its Annual
Report on 10-K for the year ended December 31, 2003, and its
Quarterly Reports on Form 10-Q.
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