Wash.--(BUSINESS WIRE)--Feb. 6, 2006--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."
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
Although financial terms were not disclosed, under
this agreement, Lumera retains rights to commercialize
all jointly developed intellectual property.
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.
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.