BOTHELL, Wash., Feb. 15 /PRNewswire-FirstCall/ -- Lumera Corporation
(Nasdaq: LMRA), an emerging leader in the field of nanotechnology, has been
awarded a $1.11 million contract extension from a U.S. government agency to
continue development of wideband optical modulators.
The new contract extension was awarded to transition Lumera's proprietary
electro-optic polymers into high performance devices by developing custom
polymers that are critical in other parts of the device. The overall contract
value has now reached approximately $4.7 million.
"This latest contract agreement is a validation of our product development
strategy and supports Lumera's approach of designing materials for the whole
system to complement our leading electro-optic performance," said Lumera Chief
Executive Officer Tom Mino. "We believe these high performance devices have
the strong potential to enable a whole new generation of fiber optic and
wireless communication systems and we remain optimistic that we can play a
role in this evolution."
Lumera is developing a new generation of unique active and passive
components for optical networks that are expected to deliver increased
bandwidth at very competitive costs while requiring less power than current
devices. The company's component development is based on both internally
developed proprietary electro-optic and passive polymer materials and
exclusively licensed materials from the University of Washington.
Optical modulators are applicable to a range of commercial markets
including companies who own and operate long-haul and metropolitan optical
networks. Lumera is developing wideband optical modulators that could enable
the next generation of communication networks, including hybrid wireless-fiber
Lumera is in the process of commercializing additional materials developed
through nanotechnology in other industries, including biotechnology. These
technologies may dramatically improve a number of key biotech arenas ranging
from bio-arrays to drug discovery.
Lumera is an emerging leader in the field of nanotechnology. The company
designs proprietary molecular structures and polymer compounds for a broad
range of electro-optic, bioscience, RF and specialty nanotechnology
applications. The company also has developed proprietary processes for
fabricating such devices. For more information, please visit
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 registrations statement on Form S-1,
dated July 22, 2004 and its Quarterly Reports on Form 10-Q.
SOURCE Lumera Corporation