Advance Nanotech, a Commercial Partner in FLUTEST, Part of the European Commission's Support to Combat the Spread of Avian Influenza
NEW YORK--(BUSINESS WIRE)--Advance Nanotech, Inc., (OTCBB:AVNA), the premier provider of financing and support services to drive the commercialization of nanotechnology related products for Homeland Security and Display technologies today announced that it has been selected to participate in FLUTEST, a European Commission supported research project for improved diagnosis and early warning systems for avian influenza outbreak management, commonly referred to as “bird flu.”
“We are honored that DEFRA and the European Commission recognize the potential of our BiMAT technology to detect, and thus, help control, infectious diseases”
Collaborating with the University of Cambridge’s Centre for Advanced Photonics and Electronics (CAPE), Advance Nanotech joins a consortium of elite government labs in Europe, South Africa, and the USA led by the Veterinary Laboratories Agency DEFRA, to develop, evaluate and validate diagnostic tools to aid in the early detection of avian influenza.
The European Commission has committed $37.7 million of new projects into avian and pandemic influenza. The new projects cover human and animal health, and address research needs identified by organizations such as the World Health Organization, the World Organization for Animal Health and the Food & Agriculture Organization of the UN. The €28.3 million allocated to these projects comes in addition to the $28 million previously made available by the European Commission.
In parallel with FLUTEST, Advance Nanotech's CAPE BiMAT program, is developing technology to enable first responders -- medics, EMTs and doctors -- to instantly analyze microscopic amounts of biological material on site. BiMAT technology will eliminate the need to send samples to specialized laboratories, speeding treatment and reducing problems of sample handling, storage, and mislabeling that can cause significant delays in treatment. Advance Nanotech’s BiMAT technology may also be customized for the detection of other diseases such as E. Coli.
"We are honored that DEFRA and the European Commission recognize the potential of our BiMAT technology to detect, and thus, help control, infectious diseases," said Tony Goncalves, CEO of Advance Nanotech. "In the effort to combat the spread of avian influenza, and infectious disease in general, there is a critical need for inexpensive, field-deployable biosensors. The support received from the European Commission will significantly shorten BiMAT's time-to-market for the surveillance of emerging diseases such as avian influenza in remote locations allowing rapid response and containment of these diseases."
The World Health Organization is the United Nations specialized agency for health. It coordinates the global response to human cases of H5N1 avian influenza and monitoring the corresponding threat of an influenza pandemic. Since 2003, the H5N1 virus has killed more than 100 people and millions of birds worldwide, sparking fears that the virus could mutate into a pandemic influenza.
BiMAT is part of Advance Nanotech's Homeland Security Division which includes nanotechnologies providing solutions across two application areas: CBRNE Detection (Chemical, Biological, Radiation, Nuclear, and Explosive), and Wireless Monitoring for cognitive awareness, triage and first response therapy. This division launched its first product earlier this year, recently reported revenues for the first time and has a customer base across the defense and industrial process control industries.
About Advance Nanotech, Inc.
Advance Nanotech identifies patented, patent-pending and proprietary technologies at leading universities and funds the additional development of such technologies in exchange for the exclusive rights to commercialize any resulting products. Advance Nanotech has interests in over 20 nanotechnologies. In August 2006, the company completed a strategic realignment of its portfolio to more aptly leverage the strengths of the portfolio to provide the greatest value to shareholders. The Company currently possesses a critical mass of technologies in two core areas of activity; Homeland Security and Displays.
By partnering with universities and leveraging the infrastructure and multi-disciplinary human resources of our university partners, we reduce our cost base and mitigate risk. After prototypes are proven within the lab and we develop a product roadmap and business plan, we form majority owned subsidiaries around the specific technology. We seek to return value to our shareholders through the sale or licensing of the technology, by securing additional financing for the subsidiary from either the venture capital community or the capital markets, or by successfully executing our business plan and consolidating its income as the majority shareholder. For more information on Advance Nanotech, please visit www.advancenanotech.com.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.