Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Luna Strengthens its Position in Nanomedicine

Abstract:
Tego Biosciences is acquired by Luna Innovations

Luna Strengthens its Position in Nanomedicine

Roanoke, VA | Posted on December 30th, 2009

Luna Innovations Incorporated (NASDAQ: LUNA) has acquired certain intellectual property assets of Tego Biosciences, its main competitor in developing medicines based on carbon nanomaterials. Tego Biosciences, Inc. is a wholly owned subsidiary of Arrowhead Research Corporation (NASDAQ:ARWR). This acquisition integrates the patent assets of the two leading companies and provides Luna a dominant intellectual property portfolio in carbon nanomaterial-based pharmaceuticals.

"We are pleased to add Tego's portfolio of intellectual property to enhance our exciting program in nanomedicines," stated Dr. Kent Murphy, Chairman and CEO of Luna Innovations. "The acquisition of Tego's fullerene assets for use in pharmaceuticals demonstrates Luna's continued commitment to novel therapeutics using carbon nanomaterials to treat a variety of inflammatory diseases that address significant markets such as arthritis, allergies and asthma. In addition, Luna's technology is being used to improve diagnostic imaging by developing agents targeted to reveal brain cancer and plaque on arterial walls."

With this acquisition, Luna's intellectual property portfolio for carbon nanomaterials now includes seven owned patents, 10 licensed patents and 44 U.S. and foreign applications. In addition, Luna acquired the research programs Tego has sponsored in radiation protection, anti-viral therapies and macular degeneration, the leading cause of blindness in the elderly. Luna also acquired Tego's license to The Bronx Project (TBP), a program for developing new medicines based on carbon nanomaterials for Parkinson's and other neurodegenerative diseases. As a result of this transaction, Luna and Tego will equally share in the net proceeds from activities related to the TBP license.

Luna has had an ongoing program to identify novel therapeutic candidates based on the unique properties of carbon nanospheres since 2003. These nanospheres, called buckminister fullerenes, must be chemically modified to make them compatible with living tissues. During this work, Luna has made a number of discoveries, funded in part by government contracts and awards. Luna's business strategy for developing pharmaceutical products is to form partnerships with established companies to underwrite the expensive development programs.

"Tego accrued the combined fruits of most of the pioneering research on fullerene therapeutics that have been discovered over the last decade. Combining these assets with our own discoveries provides Luna with extensive intellectual property covering therapeutics based on carbon nanomaterials," said Dr. Robert Lenk, President of Luna's nanoWorks Division based in Danville, VA. "Our combined patent portfolio consists of 61 patents and pending applications covering classes of fullerene derivatives, methods for synthesizing these compounds and treatments for specific diseases. This acquisition strengthens our position in carbon nanomaterial-based nanomedicines and opens additional markets to attract potential partners as we move forward."

Forward Looking Statements:

This release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to (i) Luna's intellectual property portfolio in carbon nanomaterial-based pharmaceuticals, (ii) the use of carbon nanomaterials to treat inflammatory diseases and to improve diagnostic imaging, (iii) scientific discoveries, (iv) strategy for developing pharmaceutical products, and (v) potential commercial markets for Luna's products. Statements that describe the Company's business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including, without limitation, the enforceability of certain patent rights, the failure of certain patent application claims to issue, problems with the use of certain nanomaterials to treat diseases or improve imaging, other scientific issues, and the failure to find partners to commercialize certain technologies, and risks and uncertainties set forth in the company's periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov/ and at the company's website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.

####

About Luna Innovations
Luna Innovations Incorporated develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Our products are used to measure, monitor, protect and improve critical processes in the markets we serve. nanoWorks (www.lunananoworks.com) is a division of Luna Innovations housed in a world-class nanomaterial manufacturing facility in Danville, VA, where scientists are developing pharmaceutical products empowered by nanomaterials with applications in diagnostics and therapeutics.

For more information, please click here

Contacts:
Dale Messick
1-540-769-8400

Copyright © Luna Innovations

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Searching for errors in the quantum world September 21st, 2018

Viral RNA sensing: Optical detection of picomolar concentrations of RNA using switches in plasmonic chirality September 21st, 2018

UT engineers develop first method for controlling nanomotors: Breakthrough for nanotechnology as UT engineers develop first method for switching the mechanical motion of nanomotors September 21st, 2018

Nanobiotix: Update on Head and Neck Phase I/II Trial with NBTXR3 and Other program data presented at ImmunoRad 2018 September 20th, 2018

Nanomedicine

Viral RNA sensing: Optical detection of picomolar concentrations of RNA using switches in plasmonic chirality September 21st, 2018

UT engineers develop first method for controlling nanomotors: Breakthrough for nanotechnology as UT engineers develop first method for switching the mechanical motion of nanomotors September 21st, 2018

Nanobiotix: Update on Head and Neck Phase I/II Trial with NBTXR3 and Other program data presented at ImmunoRad 2018 September 20th, 2018

NUS researchers invent new test kit for quick, accurate and low-cost screening of diseases: Test results are denoted by a color change and could be further analyzed by a smartphone app, making it attractive as a point-of-care diagnostic device September 19th, 2018

Announcements

Searching for errors in the quantum world September 21st, 2018

Viral RNA sensing: Optical detection of picomolar concentrations of RNA using switches in plasmonic chirality September 21st, 2018

UT engineers develop first method for controlling nanomotors: Breakthrough for nanotechnology as UT engineers develop first method for switching the mechanical motion of nanomotors September 21st, 2018

Nanobiotix: Update on Head and Neck Phase I/II Trial with NBTXR3 and Other program data presented at ImmunoRad 2018 September 20th, 2018

Patents/IP/Tech Transfer/Licensing

Silvaco, Purdue team up to bring scalable atomistic TCAD solutions for next generation semiconductor devices and materials August 24th, 2018

CTI Materials drives nano commercialization with it's patented surfactant free nanoparticle dispersions August 15th, 2018

Sirrus's Issued Patent Portfolio Continues To Accelerate July 18th, 2018

Changing the grocery game: Manufacturing process provides low-cost, sustainable option for food packaging June 26th, 2018

Acquisitions/Mergers/Splits

Bruker Announces Acquisition of Nanoindenting Leader Hysitron: Acquisition strengthens Brukerís leading position in nanoanalysis and nanomechanical materials characterization January 24th, 2017

GLOBALFOUNDRIES Completes Acquisition of IBM Microelectronics Business: Transaction adds differentiating technologies, world-class technologists, and intellectual property July 1st, 2015

Entest BioMedical, Inc. in Discussions to Acquire Nanotechnology Delivery System for Cancer Therapy June 3rd, 2015

Evident Thermoelectrics Acquires GMZ Energy: Investment Accelerates Launch Of Evident's Thermoelectric Modules For Waste Heat May 20th, 2015

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project