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
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
SOURCE NVE Corporation