Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB:INKN); (OTCBB: INKND), 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 it has entered into a three-year sponsored research agreement with a leading science and engineering campus within the largest public university system in the state of California.
The multi-year sponsored research project (“the Project”) focuses on developing commercial applications for shrinkable plastic-based biological chips and devices for commercial high-volume applications such as ultra-functional immunoassay substrates and biotechnology and stem cell research tools. According to the agreement, inventions developed from July of 2009 through the end of the three year term will exclusively be available to Shrink.
“Consistent with our FIGA business model (interconnecting leaders from finance, industry, government and academia), Shrink is committed to leveraging the value of underutilized public university assets, including facilities and most importantly, the brilliant minds that conduct ground-breaking research on a day-to-day basis. I am astounded when I contemplate the contribution public and private universities have made to the American business landscape. Many of the largest companies in the world came of university laboratories, especially those in the United States. At Shrink, as a small company living in a technologically advanced and interconnected world, we believe in utilizing these assets, especially in light of the drastic reductions many universities have seen in funding commitments from donor commercial businesses. This reality is an opportunity for Shrink to chart a path, build important long-term relationships, do great research and help build our company into an organization that will one day lead in a number of large and growing markets,” said Mark L. Baum, CEO of Shrink Nanotechnologies, Inc.
Baum added, “Regarding this specific agreement, in terms of access to intellectual property, we were able to negotiate a deal which, with respect to intellectual property, actually predated the date we executed the agreement. In other words, we were able to access, exclusively, inventions from as far back as the middle of last year. We believe that this will be important to our company and our shareholders as we continue to accumulate unique and hopefully financially accretive intellectual property assets. As important, our company will have the right to turn these technologies into products that make a difference in people’s lives.”
Shrink’s academic research efforts in the life science arena are focused on developing and designing integrated, manufacturable nanostructured proprietary substrates for environmental and biological sensing. The goal of these projects is to “build a better diagnostic test” – one that is more accurate, sensitive and specific to a particular condition – like whether one has had a heart attack, or if they have signs of a particular cancer or if there is arsenic in a water stream. Shrink is also equally as engaged in the solar and alternative energy space where it is working with other university relationships specifically on its unique solar concentrator designs in an effort to build solar concentrator systems to finally make clean and renewable solar energy make economic sense without the need for handouts from the government.