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|Luna Awarded $3.9M for Nanotechnology Applications in Medicine and Alternative Energy for Defense|
Diagnostics, Therapeutics and Organic Solar Cell Research Contract with the Air Force Research Laboratory
ROANOKE, Va.--(BUSINESS WIRE)--June 19, 2008--Luna Innovations Incorporated (NASDAQ:LUNA) has been awarded a $3.9 million subcontract, from General Dynamics Information Technology in support of the Air Force Research Laboratory (AFRL) to continue work improving the performance of nanomaterials for military applications. In this program, Luna's product development team will evaluate prototypes using their exclusive nanomaterials applied to real-world conditions. Demonstrations of the commercial viability of proposed nanotechnologies will include diagnostics and therapeutics for military medicine and alternative energy solutions using organic solar cells.
"By manipulating the properties of our proprietary nanomaterials, we can tune the materials to fit desired applications," said Charles Gause, Vice President of Corporate Development at Luna Innovations. "To date, we have produced 27 different species of our Trimetasphere molecule and to maximize the potential of this carbon nanomaterial technology, proof-of-concept via application-specific testing and prototyping is necessary."
Prior and ongoing funded research has demonstrated that the use of Luna's exclusive carbon nanomaterials could dramatically enhance magnetic resonance imaging (MRI) while reducing the potential toxic side effects prevalent with existing chelate-based contrasts agent. "This program will continue to build on our past progress in medical imaging," said Gause. "We also hope to further advance our carbon nanomaterials for military medical applications and investigate new areas such as the promotion of wound healing."
Through this program Luna also plans to further demonstrate the enhancement of organic solar cells as a potential alternative energy solution. Increasing efficiencies of light conversion to electrical energy of organic solar cells is required to make them commercially viable. The company has made advances on a key parameter, known as "open circuit voltage", or Voc, that is essential for improving organic solar cell efficiency. "Luna has already increased Voc by 35% over the standard reference devices," added Gause. "In this final phase of the program we will continue working towards the achievement of even higher efficiencies in order to make organic solar cells commercially viable."
"This program is vital to Luna's growth in the area of nanomaterial commercialization," stated Kent Murphy, Luna Chairman and CEO, "We will focus on delivering for our defense customer and keep an eye on driving the opportunity for further product development in the private sector."
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Luna Innovations Incorporated develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Our products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.
Forward Looking Statements:
This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to: 1) Luna’s ability to demonstrate the commercial viability of nano material technologies including diagnostics and therapeutics and alternative energy solutions; 2) Luna’s ability to enhance magnetic resonance imaging while reducing potential toxic side effects; 3) Luna’s ability to make organic solar cells commercially viable; and 4) Luna’s potential growth in the area of nanomaterial commercialization and product development. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
Luna Innovations Incorporated
SOURCE: Luna Innovations Incorporated