Luna Strengthens its Position in Nanomedicine
29 Dezembro 2009 - 4:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) has acquired
certain intellectual property assets of Tego Biosciences, its main
competitor in developing medicines based on carbon nanomaterials.
Tego Biosciences, Inc. is a wholly owned subsidiary of Arrowhead
Research Corporation (NASDAQ:ARWR). This acquisition integrates the
patent assets of the two leading companies and provides Luna a
dominant intellectual property portfolio in carbon
nanomaterial-based pharmaceuticals.
“We are pleased to add Tego’s portfolio of intellectual property
to enhance our exciting program in nanomedicines,” stated Dr. Kent
Murphy, Chairman and CEO of Luna Innovations. “The acquisition of
Tego’s fullerene assets for use in pharmaceuticals demonstrates
Luna’s continued commitment to novel therapeutics using carbon
nanomaterials to treat a variety of inflammatory diseases that
address significant markets such as arthritis, allergies and
asthma. In addition, Luna’s technology is being used to improve
diagnostic imaging by developing agents targeted to reveal brain
cancer and plaque on arterial walls.”
With this acquisition, Luna’s intellectual property portfolio
for carbon nanomaterials now includes seven owned patents, 10
licensed patents and 44 U.S. and foreign applications. In addition,
Luna acquired the research programs Tego has sponsored in radiation
protection, anti-viral therapies and macular degeneration, the
leading cause of blindness in the elderly. Luna also acquired
Tego’s license to The Bronx Project (TBP), a program for developing
new medicines based on carbon nanomaterials for Parkinson’s and
other neurodegenerative diseases. As a result of this transaction,
Luna and Tego will equally share in the net proceeds from
activities related to the TBP license.
Luna has had an ongoing program to identify novel therapeutic
candidates based on the unique properties of carbon nanospheres
since 2003. These nanospheres, called buckminister fullerenes, must
be chemically modified to make them compatible with living tissues.
During this work, Luna has made a number of discoveries, funded in
part by government contracts and awards. Luna’s business strategy
for developing pharmaceutical products is to form partnerships with
established companies to underwrite the expensive development
programs.
“Tego accrued the combined fruits of most of the pioneering
research on fullerene therapeutics that have been discovered over
the last decade. Combining these assets with our own discoveries
provides Luna with extensive intellectual property covering
therapeutics based on carbon nanomaterials,” said Dr. Robert Lenk,
President of Luna’s nanoWorks Division based in Danville, VA. “Our
combined patent portfolio consists of 61 patents and pending
applications covering classes of fullerene derivatives, methods for
synthesizing these compounds and treatments for specific diseases.
This acquisition strengthens our position in carbon
nanomaterial-based nanomedicines and opens additional markets to
attract potential partners as we move forward.”
About Luna Innovations & Luna nanoWorks:
Luna Innovations Incorporated (www.lunainnovations.com) 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. nanoWorks (www.lunananoworks.com) is a
division of Luna Innovations housed in a world-class nanomaterial
manufacturing facility in Danville, VA, where scientists are
developing pharmaceutical products empowered by nanomaterials with
applications in diagnostics and therapeutics.
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 (i) Luna’s
intellectual property portfolio in carbon nanomaterial-based
pharmaceuticals, (ii) the use of carbon nanomaterials to treat
inflammatory diseases and to improve diagnostic imaging, (iii)
scientific discoveries, (iv) strategy for developing pharmaceutical
products, and (v) potential commercial markets for Luna’s products.
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, without limitation, the
enforceability of certain patent rights, the failure of certain
patent application claims to issue, problems with the use of
certain nanomaterials to treat diseases or improve imaging, other
scientific issues, and the failure to find partners to
commercialize certain technologies, and 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.
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