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Nanosphere, Inc. (Nasdaq:NSPH), a leader in the development and commercialization of advanced molecular diagnostics systems, announced today that its co-founder and member of its board of directors has been awarded the prestigious Lemelson-MIT Prize.
Chad Mirkin, Ph.D., a scientist and pioneer in the development of ultra-high sensitivity and selectivity assays based upon nanostructures, was cited as "a prolific inventor and entrepreneur, his innovations have the potential to transform the future of medical diagnostics and patient point-of-care and to ignite change across many industries from semi-conductors to healthcare," in the MIT announcement made earlier today.
The Lemelson-MIT Program recognizes outstanding inventors, encourages sustainable new solutions to real-world problems, and enables and inspires young people to pursue creative lives and careers through invention.
"MIT's recognition of both Dr. Mirkin's ground-breaking science and the promise of nanotechnology further validates the advances we make every day in improving healthcare and patient outcomes," said William P. Moffitt, president and chief executive officer of Nanosphere.
Nanosphere has commercialized many of the nanoparticle-based, medical diagnostic assays based upon the principles of Dr. Mirkin's inventions. This has led to the development of the Verigene ID(tm) System, Nanosphere's innovative biodiagnostic system that can test patients for several different disease targets at the same time, on-site in a research laboratory, community hospital, or doctor's office in less than an hour. "In the case of proteins, the test can be thousands of times more sensitive than any commercial protein detection system out there, and has the power to revolutionize medical diagnosis," explained Dr. Mirkin.
"Dr. Mirkin is an extraordinary scientist who is at the forefront of the growing field of nanotechnology," states Michael J. Cima, Faculty Director, Lemelson-MIT Program. "His inventions are paving the way for the emergence of nanotechnology in medicine, with impact that extends far beyond the scientific community. He is truly deserving of this honor."
Dr. Mirkin, the George B. Rathmann Professor of Chemistry and Director of the International Institute for Nanotechnology at Northwestern University, will accept the prize and present his accomplishments to the public at the Massachusetts Institute of Technology during the Lemelson-MIT Program's third-annual EurekaFest, a multi-day celebration of the inventive spirit, held June 25-27.
Dr. Mirkin is currently the director of the Northwestern University International Institute for Nanotechnology and the George B. Rathmann Professor of Chemistry, Professor of Medicine, and Professor of Materials Science and Engineering. Dr. Mirkin received his undergraduate training at Dickinson College (B.S., 1986) and his graduate training at the Pennsylvania State University, where he completed his Ph.D. in chemistry in 1989. That same year, he moved to MIT as a National Science Foundation Postdoctoral Fellow. Dr. Mirkin joined the faculty at Northwestern University in 1991.
Safe Harbor Statement
Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing, if and when necessary, to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene(r) System for direct genomic and ultra-sensitive protein detection. This easy-to-use and cost-effective platform enables simple, low-cost and highly sensitive genomic and protein testing on a single platform. Nanosphere is based in Northbrook, IL.
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William P. Moffitt
President and CEO
The Torrenzano Group
212-681-1700, Ext. 115
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