PALO ALTO, Calif., Oct. 4 /PRNewswire/ -- Nanosys, Inc. announced today that it has signed an $8.2 million sub-contract awarded by Science Applications International Corporation (SAIC) to develop undisclosed sub- system components based on their proprietary nanotechnology platform for use in systems for the U.S. Government. Under this contract, Nanosys will receive $1.5 million of funding over the first 12 months of the program, with an additional $6.7 million available over the remaining four years of the contract based upon the availability of government funding and the achievement of milestones. Further details of the program were not disclosed. Nanosys and SAIC previously announced an agreement to market each other's capabilities to their customers. "Our collaboration with SAIC has exceeded our expectations," said Calvin Chow, chief executive officer at Nanosys. "While we are developing products and technologies for commercial applications; these same components can be extremely valuable in government systems and provide synergy in our development efforts. Our collaboration with SAIC helps us to understand the specific needs of the U.S. government and offer nanotechnology enabled solutions with systems integration and support." About SAIC SAIC is the largest employee-owned research and engineering company in the United States, providing information technology, systems integration and eSolutions to commercial and government customers. SAIC engineers and scientists work to solve complex technical problems in national and homeland security, energy, the environment, space, telecommunications, health care and logistics. With annual revenues of $6.7 billion, SAIC and its subsidiaries, including Telcordia Technologies, have more than 44,000 employees at offices in more than 150 cities worldwide. More information about SAIC can be found at http://www.saic.com. About Nanosys Nanosys, Inc. is a leader in the development of nanotechnology based products utilizing high performance inorganic nanostructures. Nanosys has built one of the broadest technology platforms in the industry with more than 250 patents and patent applications covering fundamental areas of nanotechnology. Based in Palo Alto, Calif. and privately held, Nanosys collaborates with industry leaders including Dupont, Intel, Matsushita Electric Works and SAIC to develop revolutionary high-value, high-performance products for computing, optoelectronics, communications, energy, defense and the life and physical sciences. Additional information about Nanosys can be found at http://www.nanosysinc.com CONTACT: Peter Garcia Chief Financial Officer Nanosys, Inc. (650) 331-2154 firstname.lastname@example.org
SOURCE Nanosys, Inc.