|[May 08, 2012]
Luna Innovations Signs Development Agreement with Philips Medical
ROANOKE, Va. --(Business Wire)--
Luna Innovations Incorporated (NASDAQ: LUNA), a leading developer of
fiber-optic sensing technology, today announced a development agreement
with Philips (News - Alert) Healthcare, to conduct work in advancing Luna's technology
towards the commercialization of fiber-optic shape sensing in the
non-robotic medical field.
Under the agreement, Luna will conduct development work and provide
advanced prototypes for a new-generation shape sensing device that will
be used in the medical field. If successful, these devices will be used
by physicians to provide additional 3D guidance while performing
minimally invasive interventions.
The two companies have been discussing collaboration after Philips
purchased sublicenses to Luna's intellectual property in the non-robotic
medical field from Hansen Medical in February 2011. Philips purchased
several early prototype systems from Luna last year for internal
evaluation. After evaluation of these systems, Luna and Philips decided
to enter into an agreement to develop the next generation system.
The development agreement complements existing efforts to integrate
Luna's fiber-optic shape sensing technology into minimally invasive
robotic surgery systems made by the leading manufacturers in the
industry. Luna has been working in the medical robotic field with
Intuitive Surgical since 2007 and with Hansen Medical since 2010.
"This agreement with Philips further strengthens Luna's broad
relationship with key players in the medical space while further
validating the market potential of our technology," said My Chung,
Luna's CEO. "The medical market is a core piece of our overall strategy.
It is with these relationships in medical technology that our products
will help improve healthcare. Our agreement with Philips adds a
valuable part of the industry to our portfolio."
"We expect fiber-optic shape sensing to add valuable new guidance
options to minimally invasive care", added Gerard Winkels, Vice
President, Strategy & Business Development, Philips Healthcare. "We are
of firm intention to bring this technology from bench to bedside."
About Luna Innovations
Luna Innovations Incorporated (www.lunainnovations.com)
focuses on sensing and instrumentation. Luna develops and manufactures
new-generation products for the healthcare, telecommunications, energy
and defense markets. The company's products are used to measure,
monitor, protect and improve critical processes in the markets it
serves. Through its disciplined commercialization business model, Luna
has become a recognized leader in transitioning science to solutions.
Forward Looking Statements:
This release includes information that constitutes "forward-looking
statements" made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995, including statements
regarding, but not limited to, the potential of Luna's technology and
intellectual property, any possible improvements to medical surgeries
and/or medical outcomes (including reducing use of x-rays for certain
surgeries and associated physical strain on surgeons), the future
relationship between Luna and Philips and other medical companies, the
incorporation of Luna's technology into Philips's products, the role of
minimally invasive surgery in advancing health care generally and the
role of Luna's technology for minimally invasive surgery. Statements
that describe Luna's business strategy, goals, prospects, opportunities,
outlook, plans or intentions are also forward-looking statements. Actual
results may differ materially from the expectations expressed in such
forward-looking statements as a result of various factors, including
technical and scientific difficulties, complications or difficulties in
improving medical surgeries and/or outcomes, market forces in the
medical industry, other trends in the health care industry, and issues
that might arise in any particular business relationship, and risks and
uncertainties set forth in the company's periodic reports and other
filings with the Securities and Exchange Commission. Such filings are
available at the SEC's (News - Alert) website at http://www.sec.gov,
and at the company's website at http://www.lunainnovations.com.
The statements made in this 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
after the date of this release.
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