08:13 EST Monday, January 26, 2004
Business Editors/High-Tech Writers
An electronic image of a BioMagnetIC element is available.
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Jan. 26, 2004--NVE Corporation (Nasdaq SC:NVEC) announced today that it has been awarded approximately $450,000 by the Defense Advanced Research Projects Agency (DARPA) Defense Sciences Office (DSO) for the next phase of development of advanced Bio-Magnetic Interfacing Concepts (BioMagnetICs). The additional funding brings total funding under the contract, which was announced in August 2002, to approximately $1.24 million.
The goal of the DARPA BioMagnetICs program is to demonstrate nanoscale magnetics at the cellular and ultimately molecular level. Under the contract, NVE will develop devices incorporating its proprietary spintronic materials, which are as thin as a few atoms. NVE has fabricated working BioMagnetIC sensors which have been independently tested, completing an important phase of work under the contract. The new phase, which is expected to take approximately one year, will tailor devices for laboratory-on-a-chip applications.
The commercial potential of spintronics has been estimated to be $100 billion per year. BioMagnetIC applications include ultra-miniature biological warfare agent detectors, real-time DNA testers, and laboratory-on-a-chip diagnostic systems.
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