NVE Notified of Biosensor
Patent Grant
EDEN PRAIRIE, Minn.--April 5, 2005--NVE Corporation (NasdaqSC:
NVEC) said today that it has been notified by the U. S. Patent and
Trademark Office of the expected grant of a key biosensor patent.
NVE has been notified that the patent, titled "Magnetizable Bead
Detector," will be issued today. The patent relates to the detection
of magnetizable beads in connection with biological and chemical
assays. The patent is number 6,875,621 and is the grant of the application
published by the U. S. Patent and Trademark Office under number
2002-0060565
Detection of magnetizable beads is a key element of proposed "laboratory-on-a-chip"
systems. In such systems, a magnetic biological marker nano-bead
adheres to the immobilization surface when a targeted biological
agent is present. A spintronic sensor detects a very small perturbation
in the magnetic field caused by adhering beads. This field perturbation
is used to detect and quantify the presence of even very low levels
of biological or chemical materials such as pathogens.
The company's goal is to provide disposable nanosensor elements
for hand-held devices that will provide biomedical test results
in minutes rather than hours or days. The market for biomedical
nanosensors is expected to reach approximately $800 million in 2008,
while the market for nanosensors for military and homeland defense
applications is projected to reach $827 million, according to NanoMarkets,
LC, an industry analyst firm.
In December 2004 NVE announced that it had successfully demonstrated
prototypes using magnetizable bead detectors under the Defense Advanced
Research Projects Agency (DARPA) Bio-Magnetic Interfacing Concepts
(BioMagnetICs) Program. NVE is currently under contract with DARPA
to develop a high-volume nanotechnology fabrication process for
magnetizable bead detectors using its patented spintronic structures.
"This is an important patent for NVE," commented NVE President
and Chief Executive Officer Daniel A. Baker, Ph.D. "Together with
our other patents, including U. S. patent number 6,743,639 which
was issued in June 2004, we have a strong intellectual property
position in the biosensor space."
Links to the new patent as well as NVE's other U. S. patents can
be found at the "company information" section of NVE's website (www.nve.com).
NVE is a leader in the practical commercialization of spintronics,
a nanotechnology that many experts believe represents the next generation
of microelectronics. NVE licenses its MRAM intellectual property
and sells spintronic products, including sensors and couplers, to
revolutionize data sensing and transmission.
Statements used in this press release that relate to future
plans, events, financial results or performance are forward-looking
statements that are subject to certain risks and uncertainties including,
among others, such factors as uncertainties related to the awarding
of future government contracts, risks in the enforcement of our
patents, risks associated with our reliance on several large customers,
as well as the risk factors listed from time to time in our filings
with the SEC, including our Annual Report on Form 10-KSB and other
reports filed with the SEC.
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