NVE Awarded Additional DoD Bio-Detection Funding
EDEN PRAIRIE, Minn., Dec. 13 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC) announced today that it has been awarded additional Bio- Magnetic Interfacing Concepts (BioMagnetICs) program funding by the Defense Sciences Office of the Defense Advanced Research Projects Agency. The award brings NVE's cumulative funding under its BioMagnetICs contract, which was first announced in 2002, to nearly $2 million. Expected Department of Defense payoff areas for the BioMagnetICs program include rapid, robust, hand-held bio-detection devices with multi-analyte capability and high sensitivity. The new funding is for NVE to optimize spintronic system components and develop high-volume fabrication processes. NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic products, including sensors and couplers, to revolutionize data sensing and transmission. Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as uncertainties related to the awarding of future government contracts, uncertainties relating to the enforcement of our intellectual property rights, uncertainties as to whether other companies will use our technology, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-KSB and other reports filed with the SEC.
SOURCE NVE Corporation
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