NVE Awarded NSF Grant to Develop Biosensors

NSF LogoEDEN PRAIRIE, Minn.—June 5, 2013—NVE Corporation (Nasdaq: NVEC) announced today that it has been awarded a one-year grant for approximately $224,000 by the National Science Foundation (NSF) to develop biosensors to enhance food safety.

The grant, titled “Real Time Detection for Salmonella,” was awarded under NSF’s Small Business Technology Transfer Research (STTR) program, which funds cooperative projects involving businesses and research institutions. The University of Minnesota and the University of Florida will cooperate with NVE on the project.

The goal of the project will be to develop sensors capable of faster detection of food-borne pathogens than current techniques while retaining equivalent sensitivity. The sensor could also be extensible to other biomarkers and could be envisioned as a critical point-of-care sensor in the medical industry.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.

Statements used in this bulletin 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 future government awards, uncertainties related to interruptions in the Government funding process, risks related to eligibility for SBIR awards, risks related to developing marketable products, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. The company undertakes no obligation to update forward-looking statements in this bulletin.