Newport Beach, Calif. (BUSINESS WIRE) December, 2004 Acacia Research Corporation (Nasdaq: CBMX:ACTG) announced today that the CombiMatrix group and its partner, nanomaterials Discovery Corporation (NDC), achieved a milestone with the delivery of a prototype workstation for the combinatorial discovery and development of new nanomaterials.
CombiMatrix and NDC have a strategic alliance to discover and develop new nanomaterials, nanotechnology tools and associated intellectual property. CombiMatrix has licensed its semiconductor microarray technology exclusively to NDC for use in NDC's combinatorial nanomaterials discovery efforts for applications that include fuel cell catalysts, materials for rechargeable batteries, and electro-optic materials for telecommunications and displays.
NDC is improving and complementing its nanomaterials discovery programs by developing a workstation for high throughput nanomaterials screening using CombiMatrix's nanoarray hardware. These workstations enable more efficient nanomaterials discovery efforts by capturing the intrinsic value of CombiMatrix's highly parallel nanoarray technology. CombiMatrix and NDC will share in the revenue from any commercially viable new nanomaterials that are discovered, as well as the sale of the workstations.
Taking advantage of the high throughput discovery capabilities of CombiMatrix's nanoarray, NDC has developed a substantial suite of intellectual property in and around the areas of fuel cells, rechargeable batteries, electo-optic and photovoltaic nanomaterials and new manufacturing methods for nanotechnology. NDC recently announced the award of a multi-million dollar appropriation from the U.S. Department of Defense for the development of certain types of fuel cells for use by the U.S. military. NDC is utilizing CombiMatrix nanoarrays for some of the work under this funded program.
We have found that CombiMatrix's nanoarray technology is the gold standard for high throughput nanomaterials discovery, stated Dr. Don Montgomery, President & CEO of NDC. This technology has helped us to very quickly establish substantial and pioneering intellectual property positions in nanotechnology that is applicable to commercially attractive areas such as fuel cells, batteries, photovoltaics and electro-optics.
We are pleased with the progress that has been made by NDC and continue to look forward to additional achievements, said Dr. Amit Kumar, President and CEO of CombiMatrix. We anticipate that NDC's tremendous tapabilities will take our nanoarray technology into a new and very lucrative market segment.
