Owlstone Nanotech Awarded SBIR Grant from U.S. Air Force; Advance Nanotech Subsidiary Receives Phase I Funding to Develop Air Monitoring System for Aircraft Cockpit
"Owlstone Nanotech has developed the most advanced and effective technologies for detecting airborne chemical hazards," said Bret Bader, CEO of Owlstone. "This SBIR award will enable us to explore new applications of our technology that will protect the health and safety of pilots and crews. We are very pleased to have the opportunity to serve the Department of Defense in this capacity."
“This SBIR award will enable us to explore new applications of our technology that will protect the health and safety of pilots and crews. We are very pleased to have the opportunity to serve the Department of Defense in this capacity.”
Owlstone will use the SBIR grant to develop an advanced sensor to identify and quantify contaminants in cockpit air by employing the company's field asymmetric ion mobility spectrometer technology. Owlstone's goal is to produce a highly sensitive, low-cost, portable detection sensor that outperforms devices currently being developed.
The SBIR program is a competitive award program that provides support to small businesses to develop innovative technologies with significant commercial potential. Each year Federal agencies that participate in the SBIR program set aside approximately 2.5 percent of their extramural research and development (R&D) budgets for the award. The Department of Defense's SBIR and Small Business Technology Transfer (STTR) programs provide more than one billion dollars each year to early-stage R&D projects that demonstrate the potential to serve both a DoD need and a commercial market.
Advance Nanotech is currently funding more than 20 nanotechnologies in the electronics, biopharma and materials industries. The firm provides services ranging from funding, to human capital and research equipment essential to ensuring that the most promising companies can accelerate the path to rapid commercialization. In this way, investor exposure to any particular technology is mitigated with Advance Nanotech retaining the option to increase investment in those technologies that successfully mature.
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product is a revolutionary microchip spectrometer that can be programmed to detect a wide range of chemical agents that may be present in extremely small quantities. There are numerous applications -- across industries from security and defense to automotive and healthcare -- that depend on the rapid, accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these applications to integrate the detector into next generation chemical sensing products and solutions. Owlstone's technology offers a unique combination of benefits, including small size, low manufacturing costs, minimal power consumption, reduced false-positives, and a customizable platform. For more information on Owlstone Nanotech, please visit www.owlstonenanotech.com.
About Advance Nanotech, Inc.
Advance Nanotech is dedicated to the successful commercialization of disruptive nanotechnologies to produce nano-enabled products. Advance provides financing and support services including commercialization guidance, project and infrastructure management, leadership assets, and counsel on intellectual property, licensing and regulatory issues to ensure maximum market potential. Advance Nanotech's diversified portfolio of more than 20 nanotechnologies impacts a range of applications, including, but not limited to sensors, medical therapeutics and composites. Advance is forging partnerships with leading manufacturers and universities in Europe, Asia and North America to transform innovative nanotechnology concepts into practical solutions. For more information on Advance Nanotech, please visit www.advancenanotech.com.
This document contains forward-looking statements by Advance Nanotech regarding its expectations as to its business, and involves risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.
Factors that may cause such a difference include, but are not limited to, problems and risks associated with developments in the nanotechnology industry in general and in Advance Nanotech's products under development in particular; the potential failure of Advance Nanotech's products under development to prove safe and effective in application; uncertainties inherent in the early stage of Advance Nanotech's products under development; failure to successfully implement or complete research programmes; failure to receive marketing clearance from regulatory agencies for our products under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Advance Nanotech's business, structure or projections; the development of competing products; uncertainties related to Advance Nanotech's dependence on third parties and partners; and those risks described Advance Nanotech's filings with the SEC. Advance Nanotech disclaims any obligation to update these forward-looking statements.
Further information about these and other relevant risks and uncertainties may be found in the Advance Nanotech's findings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.