EDEN PRAIRIE, Minn., April 5 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC) said today that it has been notified by the U. S. Patent and Trademark Office of the expected grant of a key biosensor patent. NVE has been notified that the patent, titled "Magnetizable Bead Detector," will be issued today. The patent relates to the detection of magnetizable beads in connection with biological and chemical assays. The patent is number 6,875,621 and is the grant of the application published by the U. S. Patent and Trademark Office under number 2002-0060565. Detection of magnetizable beads is a key element of proposed "laboratory-on-a-chip" systems. In such systems, a magnetic biological marker nano-bead adheres to the immobilization surface when a targeted biological agent is present. A spintronic sensor detects a very small perturbation in the magnetic field caused by adhering beads. This field perturbation is used to detect and quantify the presence of even very low levels of biological or chemical materials such as pathogens. The company's goal is to provide disposable nanosensor elements for hand-held devices that will provide biomedical test results in minutes rather than hours or days. 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 $827 million, according to NanoMarkets, LC, an industry analyst firm. In December 2004 NVE announced that it had successfully demonstrated prototypes using magnetizable bead detectors under the Defense Advanced Research Projects Agency (DARPA) Bio-Magnetic Interfacing Concepts (BioMagnetICs) Program. NVE is currently under contract with DARPA to develop a high-volume nanotechnology fabrication process for magnetizable bead detectors using its patented spintronic structures. "This is an important patent for NVE," commented NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Together with our other patents, including U. S. patent number 6,743,639 which was issued in June 2004, we have a strong intellectual property position in the biosensor space." Links to the new patent as well as NVE's other U. S. patents can be found at the "company information" section of NVE's website ( http://www.nve.com ). 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, risks in the enforcement of our patents, 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