Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB:INKND) (INKN), an innovative nanotechnology company developing products and licensing opportunities in the solar energy production, medical diagnostics and sensors and biotechnology research and development tools businesses, announced today that through its membership in the Micro/Nano Fluidics Fundamentals Focus (MF3) Center, headquartered at the University of California, Irvine (UCI), it has secured a research sponsorship funds from the Defense Advanced Research Projects Agency (DARPA). According to the agreement, up to fifty percent (50%) of the future funding commitments by Shrink through a sponsored research agreement will be eligible for DARPA matching funds.
Funding will be used toward advancing Shrink's proprietary nano-technology platform comprised of its advanced NanoShrink™ plastic material and a number of related patented and patent-pending technologies. Shrink is presently developing third and fourth generation prototype devices and components, for integration into existing products and systems, with immediate applications in the solar energy, food, air and water protection, human and animal diagnostics, opto-electronics and biotechnology/stem cell research tools markets.
“Access to the DARPA matching funds program marks a significant corporate milestone. The additional development dollars we will be able to invest into our academic lab development groups should allow for the reduction of development time required to create commercial devices and systems in the markets we are vying for a position in. MF3 institutions are well recognized as the ‘cream of the crop,’ housing the latest scientific equipment, tools and as important, some of the brightest minds in the world. Our FIGA business model will now formally include federal government support, along with the support of the highest caliber nanotech researchers and industry leaders associated with the MF3 network. We look forward to collaborating with MF3 to meet our mutual interests in creating solutions that enhance our daily lives,” said Mark L. Baum, CEO of Shrink Nanotechnologies, Inc.
Dr. Abraham Lee, director of the MF3 Center and professor of biomedical engineering and mechanical and aerospace engineering at UCI, stated, “Over the last five years, Shrink Nanotechnologies’ scientific co-founder, Dr. Michelle Khine, has been one of the most ingenious and innovative researchers in the country, evidenced by her numerous inventions that have resulted in the founding of start-up companies like Shrink and other commercial successes. Most recently, she created the NanoShrink™ based microstrucures for low cost microfluidic diagnostics platforms that in the short run will impact global health delivery and in the long run, may come full cycle and deliver point-of-care diagnostics and in-home healthcare here in the US."
Gisela Lin, Ph.D., UCI School of Engineering and MF3 Center Development Manager, said, “Our research team is working together to address the critical challenges facing the microfluidics defense and industry sectors. Prominent companies have also joined to provide real-world problems to guide and channel the MF research. We are excited to have Shrink Nanotechnologies as part of this industry-university-government consortium. Shrink has some very innovative technology and together we aim to use micro/nanotechnology to make a dramatic impact in the fields of medicine and energy.”