EDEN PRAIRIE, Minn., Dec. 13 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC) announced today that it has successfully completed a key phase in the Bio-Magnetic Interfacing Concepts (BioMagnetICs) Program, and has been awarded approximately $470,000 in additional funding by the Defense Advanced Research Projects Agency (DARPA). The BioMagnetICs Program is administered by DARPA's Defense Sciences Office (DSO). In the just-completed phase, NVE successfully demonstrated prototype devices for "laboratory-on-a-chip" applications. The phase was expected to take approximately one year and was completed ahead of schedule. The newly funded phase includes developing a high volume sensor fabrication process and is expected to take approximately one year. The award brings NVE's total funding under its BioMagnetICs contract, which was announced August 2002 and expanded January 2004, to approximately $1.71 million. The DARPA BioMagnetICs Program explores and demonstrates nanoscale magnetics for sensing at the cellular and ultimately single-molecule level. NVE is developing devices under the program using its patented spintronic structures, which include layers as thin as several atoms. The market for biomedical nanosensors is expected to reach approximately $800 million in 2008, while the market for nanosensors for military and homeland defense applications is projected to reach to reach $827 million, according to NanoMarkets, LC, an industry analyst firm. "This is an impressive accomplishment by our BioMagnetICs team led by Dr. Mark Tondra," said NVE Vice President of Development John K. Myers. "This milestone puts us closer to our goal of replacing an entire laboratory with a hand-held device that can provide biomedical test results in minutes rather than hours or days." 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. More information on NVE, as well as links to information on the DARPA BioMagnetICs Program, can be found on NVE's Web site ( http://www.nve.com ). 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, risks associated with our reliance on several large customers, 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