ROANOKE, Va., Oct. 4 /PRNewswire-FirstCall/ -- Luna Innovations Incorporated announced today that it is the recipient of Frost & Sullivan’s 2006 Patient Monitoring Technology of the Year Award for the innovative design and development of the Embolus Detection and Classification (EDAC(TM)) QUANTIFIER, a groundbreaking blood circuit microemboli detection system.
“The success of the EDAC QUANTIFIER showcases Luna Innovations’ unique business model. After discovering and developing the technology with one of our key government partners, we recognized its commercial potential based on the number of heart-lung bypass surgeries performed in the United States on an annual basis,” said Kent Murphy, Ph.D., Chairman and Chief Executive Officer of Luna Innovations. “Once we determined that there may be a significant market for our product, we applied the resources necessary to take this cutting-edge technology to commercialization.”
Luna Innovations’ EDAC QUANTIFIER is a noninvasive medical device that uses quantitative ultrasound technology to count emboli in ex-vivo blood circuits in real-time. Emboli can be air bubbles or solid matter (lipids or blood clots) and can enter the blood circuit during critical and invasive medical procedures such as cardio-pulmonary bypass surgery. Emboli can be dangerous and are believed to be the cause of neurological or neuropsychological post-operative deficits and, in some cases, fatalities. The EDAC system uses advanced ultrasound technology to detect individual microemboli at rates up to 1000 per second. Employing complex algorithms originally developed for the defense industry, the system is designed to provide cardiothoracic surgeons, perfusionists and anesthesiologists with an accurate rate of emboli in the blood circuit.
The initial launch of the EDAC QUANTIFIER system was in May at the Outcomes 2006 medical device conference in Key West, Florida. While the system currently is “For Investigational Use Only,” Luna Innovations is accepting orders for research and exploration purposes. For more information, see http://www.lunamedicalproducts.com or email support@lunamedicalproducts.com.
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Each year Frost & Sullivan presents the Patient Monitoring Technology of the Year Award to a company that has demonstrated technological superiority within its industry. The award recognizes the ability of the company to successfully develop and introduce new technology, formulate a well-designed product family, and make significant product performance contributions to the industry.
In general, Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Luna Innovations
Luna Innovations researches, develops and commercializes innovative technologies in molecular technology and sensing solutions. Luna Innovations accelerates the process of bringing new and innovative products to market by focusing on technologies that can fulfill identified market needs and then takes these technologies from the applied research stage through commercialization. Since its inception, Luna Innovations has successfully developed products for the energy, telecommunications, life sciences and defense industries. Headquartered in Roanoke, Virginia, the company has research, development and manufacturing facilities in Blacksburg, Charlottesville, Hampton, and Danville, Virginia, and a sales office in McLean, Virginia. Additional information can be found at the company’s website, http://www.lunainnovations.com.
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FORWARD LOOKING STATEMENTS
This press release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The company has attempted, whenever possible, to identify these forward-looking statements by words such as “intends,” “will,” “plans,” “anticipates,” “expects,” “may,” “estimates,” “believes,” “should,” “projects,” or “continue,” or the negative of those words and other comparable words. Similarly, statements that describe the company’s business strategy, goals, prospects, opportunities, outlook, objectives, plans or intentions are also forward-looking statements. Luna Innovations wishes to take advantage of the “safe harbor” provided by the Private Securities Litigation Reform Act of 1995 and you are cautioned that actual events or results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties, many of which are beyond Luna Innovations’ control. Luna Innovations cannot guarantee future results, levels of activity, performance, or achievements. Factors that could cause the Company’s actual results to differ materially from the expectations expressed in such forward- looking statements include, but are not limited to: (1) it may experience lower than expected sales of products, (2) it may not be able to realize the expected benefits, if any, from its product development activities, (3) it may not be successful in identifying market needs for new products, (4) it may be unable to manage its growth effectively, (5) it faces substantial competition in its markets, (6) its proprietary rights may be insufficient to protect its technologies, (7) third parties may claim that it infringes their intellectual property rights, (8) its ability to develop and market certain of our products may be delayed by U.S. or foreign regulatory requirements, (9) it has limited manufacturing experience and may experience unanticipated manufacturing or supply problems, and (10) it may experience changes in customer demand for its products and product candidates. Additional factors that may affect the future results of Luna Innovations are set forth in its Registration Statement on Form S-1, its quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at http://www.sec.gov, and at Luna Innovations’ website at http://www.lunainnovations.com. These risk factors are updated from time to time through the filing of periodic reports and registration statements with the SEC. The statements made in this press release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements herein after the date of this press release.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20061004/DCW029http://www.newscom.com/cgi-bin/prnh/20060627/LUNALOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk, photodesk@prnewswire.comLuna Innovations Incorporated
CONTACT: Media Contact: Mildred Cooper, +1-540-557-7561,cooperm@lunainnovations.com, or Sales and Marketing Contact: Karin Clark,+1-540-552-5128, kclark@lunainnovations.com, both of Luna InnovationsIncorporated
Web site: http://www.lunainnovations.com/
