PASADENA, Calif., April 22 /PRNewswire-FirstCall/ -- Arrowhead Research Corporation (OTC Bulletin Board: ARWR), an emerging company in the field of nanotechnology, announced today that it has reached an agreement with Dr. Michael Roukes, California Institute of Technology Professor of Physics, Applied Physics and Bioengineering, and Caltech itself, to form a new corporation, Nanokinetics, that will focus on the development of the processes and devices needed to commercialize various nanotechnology applications. Nanokinetics will be the third majority-owned subsidiary formed by Arrowhead Research. Dr. Roukes has gained worldwide recognition through his work on the physics and fabrication of nanoscale electronic devices. He is the newly named founding Director of Caltech's Kavli Nanoscience Institute, which recently received a $7.5 million grant to foster innovative research at the frontiers of nanoscale science and engineering. Nanokinetics plans to focus upon building the technological base required to transition today's academic "nanoscience of the individual device" to the integration and mass production required for these market-ready products. With this process-oriented focus, Nanokinetics hopes to jumpstart the commercialization of many of the nanotech applications already available. Dr. Roukes stated, "It is becoming clearer every day that the companies that make early and decisive investments to establish capabilities for complex nanodevice production will dominate the broader realm of commercial nanotechnology that lie beyond first-generation applications." One application being developed by Dr. Roukes and his team is a microfluidic-based electronic biosensor based upon BioNEMS (biofunctionalized nanoelectromechanical systems). In the near term, nanosystems such as these, with nanoscale sensor elements numbering in the hundreds and thousands, can provide powerful new approaches to bio-threat detection, drug screening, and medical diagnostics -- with sensitivity approaching the single molecule level. Commenting on this latest addition, R. Bruce Stewart, President of Arrowhead Research, said, "We are obviously very pleased to add the world-class scientist Michael Roukes to our team. In addition to bringing a wide array of experience and knowledge to the Arrowhead Research umbrella, we believe that the formation of Nanokinetics with Dr. Roukes will significantly increase the probability of more rapid commercialization of nanotech products and applications, including those in which our sponsored researchers and other subsidiaries are involved." About Arrowhead Research Corporation Arrowhead Research Corporation funds research at universities in pioneering scientific areas, primarily nanotechnology, in return for exclusive rights to commercialize technologies and associated intellectual property and patents developed as a result of this research. The Company has already entered into agreements with the California Institute of Technology and three of its faculty, and is actively pursuing other potential partners at Caltech and other leading research institutions and universities. Commercial applications that arise from Company-sponsored research projects will be developed and marketed by Arrowhead Research through a series of diversified subsidiaries representing each product or application, or through third-party licensing. The Company's majority-owned subsidiaries are Aonexx Technologies, Inc. was formed to commercialize an ultrathin crystal film (nanofilm) technology and Insert Therapeutics, Inc. which is developing a proprietary drug delivery system. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE Arrowhead Research Corporation