Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB: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 it has entered into a technology integration and development agreement with Lydall, Inc. (NYSE: LDL).
Under the terms of the agreement, Lydall will provide Shrink with certain quantities of its Solupore® thermoplastic membrane for the purpose of conducting a one-year research and development project. The goal of the project is to develop a robust, ultra-rapid diagnostic platform that increases the sensitivity of fluorescent-based assays by integrating Solupore technology with Shrink's rapid prototyping system, ShrinkChip Manufacturing System™ and NanoPetal™ technology. Under the terms of the agreement, any ownership of new intellectual property will be based on inventorship.
Mark L. Baum, CEO of Shrink Nanotechnologies, stated, “This new relationship with Lydall is part of our effort to turn our NanoShrink materials into viable systems used in critical point-of-care and point-of-operations products. The market for these types of sensors is in the billions of US Dollars in annual sales, and they are used in a wide range of commercial applications such as food safety, personalized drug therapies and disease screening, to name a few. By producing more of the overall system solution, with the integration of the Lydall Solupore® material, we seek to increase the flexibility and scope of these important diagnostic devices and in turn open the door to future strategic partnerships with leading research laboratories in industry and academia.”