Implant Sciences Enters Cooperative Research & Development Agreement with U.S. Department of Homeland Security's Transportation Security Laboratory QS-B220 further evaluated in Implant Sciences' 2nd CRADA with TSL
WILMINGTON, Mass., April 7, 2014 /PRNewswire/ -- Implant Sciences Corporation (OTCQB:IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has signed its second Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Homeland Security's Transportation Security Laboratory (TSL). The Company's first CRADA with the TSL for its QS-B220 desktop explosives trace detector (ETD) began November, 2011. The purpose of the new 12-month CRADA is for the TSL to use the QS-B220, having passed TSA qualification testing, as a gold standard explosives trace detector. Information gathered with the QS-B220 at the TSL will be shared with Implant Sciences and used by the Company to develop next generation trace detection technology.
TSL's core mission is to enhance homeland security, including the research, development and validation of solutions to detect and mitigate the threat of improvised explosive devices (IEDs). TSL, part of the DHS Science and Technology Directorate (S&T), establishes CRADAs as public-private partnerships designed to expeditiously mature and deploy security technologies and to prepare products to achieve Transportation Security Administration (TSA) certification/qualification.
TSL conducts research, test and, evaluation at its 110 acre facility located at the FAA William J. Hughes Technical Center, Atlantic City International Airport, New Jersey.
"Our first CRADA with the TSL provided critical input, which was used to improve the performance of our QS-B220 to meet the TSA's standards," stated Implant Sciences' Vice President of Technology, Todd Silvestri. "We believe that the partnership that was developed and the valuable feedback we received from the endeavor helped us tremendously in the QS-B220 attaining the TSA's qualified status for air cargo screening and in passing the QT&E portion of the TSA qualification for checkpoint and checked baggage."
"We believe these studies with the TSL will help to leverage the QS-B220's capabilities and will prove essential to advancing the standards of the trace detection market," stated Implant Sciences' President and CEO Glenn Bolduc. "We are proud to work with the Department of Homeland Security and we look forward to furthering our relationship with the TSL and our technology with this new CRADA."
About Implant Sciences
Implant Sciences is the leader in next generation Explosives Trace Detection (ETD) technology. In January 2013, the Company became only the third ETD manufacturer, and the sole American-owned company, to currently have product approval from the US Transportation Security Administration. Implant Sciences has developed proprietary technologies used in its commercial explosives and drugs trace detection systems, which ship to a growing number of locations domestically and internationally. Implant Sciences' QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and, in addition to receiving TSA qualification for air cargo screening, the Company's QS-B220 has also received STAC certification, a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act), and the GSN 2013 Homeland Security Award for "Best Explosives Detection Solution". For further details on the Company and its products, please visit the Company's website at http://www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that we will be required to repay all of our indebtedness to our secured lenders by March 31, 2015; if we are unable to satisfy our obligations and to raise additional capital to fund operations, our secured lenders may seize our assets and our business may fail; we continue to incur substantial operating losses and may never be profitable; our independent registered public accounting firm has expressed substantial doubt as to our ability to continue as a going concern; our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; our business is subject to intense competition; our markets are subject to rapid technology change and our success will depend on our ability to develop and introduce new products; we may not be able to retain our management and key employees or identify, hire and retain additional personnel as needed; we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking statements.
Implant Sciences Corporation
Glenn Bolduc, CEO
SOURCE Implant Sciences Corporation