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Charles Seeney, President and CEO of NBMI, announced today that the company has been awarded a US Patent for the company's hearing amplification technology.
The award is the company's third issued patent overall and the second on hearing remediation. The novel technology is based on magnetically responsive nanoparticles, implanted in middle ear tissue, vibrating in response to an oscillating magnetic coil. The concept of a commercial hearing device would be similar to current electromagnetic hearing aids. The company also has eight additional patent applications working their way through the US Patent Office.
Seeney states that "We are obviously excited about this new patent award, because it further strengthens our growing Intellectual Property base, not only for this health care application, but also for validation of magnetic vectoring as an emerging "nanotool." Because NBMI is not an audiology company, NBMI will continue the development and commercialization of an implantable hearing technology through partnerships and licenses.
The Patent technology, which was filed in 2005, was developed through collaborations with scientists at the University of Oklahoma and the Massachusetts Eye and Ear Infirmary, Affiliate of Harvard Medical School. Seeney notes that the studies at the Massachusetts Eye and Ear Infirmary were also supported in part by an OCAST Grant.
NBMI's business focus is the development and commercialization of healthcare applications based on the use of magnetically responsive nanoparticles, which cause or drive a desired physiological event, under the influence of an external focused magnetic field. The company's second platform is the targeted delivery of therapeutics, with primary focus on the tumor-specific delivery of chemotherapeutics.
Safe Harbor Statement:
Certain statement included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of products and services, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. The company's expectations regarding future revenues are dependent upon the ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions are generally considered forward-looking statements. These statements reflect current expectations.
NanoBioMagnetics (NBMI) is a nanobiomaterials company pioneering an emerging area of nanomedicine referred to as organ-assisting-device (OAD) technologies, in which magnetically responsive nanoparticles (MNP), under the influence of external shaped magnetic fields, are magnetically vectored to cause or drive a desired physiological event. OAD healthcare applications are being developed under two proprietary platforms (patents pending).
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Charles E Seeney
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