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MFIC and UMass Lowell Extend Nanomaterials Collaboration
Tuesday July 18, 2:08 pm ET
MFIC and UMass Lowell Fund Initial Research Projects under Extended Collaboration at Nanomanufacturing Center of Excellence Using Microfluidizer(R) Continuous Chemical Reactor and Fluid Processor Systems for Nanomaterials Manufacturing
NEWTON, Mass.--(BUSINESS WIRE)--July 18, 2006--MFIC Corporation and The University of Massachusetts Lowell (UML) recently signed an amendment to their previously announced research and collaboration agreement to develop new applications, processes and products in the area of nanomaterials utilizing MFIC's leading-edge materials processing and continuous chemical reactor equipment (the "Collaboration"). The Collaboration agreement has been extended for an additional year, ending September 21, 2007, and provision has been made for additional extensions thereafter.
MFIC and UML have also jointly funded the initial three research projects under the Collaboration at UML's Nanomanufacturing Center of Excellence (NCOE). These projects are:
The proposal by John C. Warner, Ph.D. - Professor & Director for the Center for Green Chemistry- NCOE - to investigate the possibility of generating specifically designed co-crystals from the two feed streams for pharmaceutical compounds and complexes consistent with "green" chemistry.
The proposal by Arthur C. Watterson, Ph.D. - Director of the Institute for NanoScience and Engineering Technology - NCOE - to increase the loading capacity of water-solulable polymer nanoparticles to be used for drug delivery and to make the particle size and loading consistent.
The proposal by Robert J. Nicolosi, Ph.D., Professor & Director for the Center for Health & Disease Research - NCOE - to prepare nanoemulsions of an anti-oxidant synergistic formulation for anti-bacterial and wound-healing indications.
The research projects will utilize the proprietary Microfluidizer® Processor and in some instances Microfluidics' continuous chemical reaction technology (CCRT) to accomplish the goals of the various research projects. CCRT is enabled by various Microfluidizer® systems.
Finally, MFIC has made a donation to UML of Microfluidizer Processing equipment valued at $100,000, to be used primarily at the NCOE.
"We are pleased to move forward at the NCOE with the initial projects under the Collaboration with MFIC and its operating subsidiary, Microfluidics Corporation. Microfluidics equipment will become key manufacturing platforms for high throughput nanomanufacturing," says Prof. Julie Chen, director of the NCOE. "Researchers on campus and across industry sectors are interested in exploring nanoparticle production that is scalable from experimental quantities to production amounts, with consistency and stability. The extension of the Collaboration should afford the NCOE with a greater and broader opportunity to investigate uses of Microfluidics unique nanoprocessing and nanoparticle creation devices."
Irwin Gruverman, CEO and Chairman of MFIC, stated "We are gratified to see progress in the Collaboration and the NCOE's desire to utilize our equipment and capabilities in conjunction with the substantial formulation and engineering strengths at UML. Our Microfluidizer® Processor equipment and the technology embodied therein is well-proven in thousands of instances and hundreds of applications, many in nanomaterials-based uses. We believe our innovative systems and CCRT can enable many UML projects to produce nanomaterials for, among others, pharmaceutical and nutraceutical formulations. We have taken an active role in the selection and validation of specific Collaboration project targets as members of the Steering Committee that is guiding the Collaboration. Based on the level of interest in and proposals for the use of our equipment for a wide variety of applications at NCOE we have extended the Collaboration to a multi-year relationship. We believe that the three initial research proposals that have been funded are only a first step in a longer term relationship with the NCOE and UML."
MFIC and the University have ongoing research collaborations. UML faculty researchers have been using the Microfluidizer materials processing equipment for significant recent research. Prof. Robert Nicolosi, director of the Center for Health and Disease Research, who has used Microfluidics equipment in the development of nutraceuticals focusing on plant sterols, is developing compounds for medical applications; Prof. Carl Lawton, director of the Massachusetts Bioprocess Development Center, assists biotechnology companies in their process development. Dr. Nicolosi's Microfluidics-enabled proprietary and patent-pending nanotechnologies technology for plant sterols and topical delivery of aesthetic active pharmaceutical ingredients (API) has been licensed to Encapsion Inc., a biopharmaceutical company. The lead investor of Encapsion's financing is Ascent Biomedical Ventures of New York. The company plans to have operations in New York and Massachusetts.
The University of Massachusetts Lowell, a comprehensive university with special expertise in applied science and technology, is committed to educating students for lifelong success and conducting research and outreach activities that sustain the economic, environmental and social health of the region. UML offers its 11,000 undergraduate and graduate students more than 80 degree programs in the colleges of Arts and Sciences, Engineering, and Management; the School of Health and Environment, and the Graduate School of Education. Visit our website at www.uml.edu.
MFIC Corporation, through its Microfluidics subsidiary, provides patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for nanoparticle products for more than 15 years. The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to our customers.
FORWARD LOOKING STATEMENT:
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's prospective receipt of patents or royalty income, plan to attain and/or increase operating profitability and/or to achieve net profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to the following risks and uncertainties: (i) whether any intellectual property or patents will be developed in the collaboration with University of Massachusetts Lowell, (ii) whether any licensing income or royalties will be received as a result of the collaboration with University of Massachusetts Lowell, (iii) whether the performance advantages of the Company's Microfluidizer® materials processing equipment or that a commercial market for the equipment will continue to develop, (iv) whether the performance advantages of the Company's MMR nanoparticle production systems will be realized commercially, (v) whether the Company will be able to increase its market penetration and market share, (vi) whether the timing of orders will significantly affect quarterly revenues and resulting net income results for particular quarters which may cause increased volatility in the Company's stock price, and (vii) whether the Company will have access to sufficient working capital from equipment sales, and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of its loan agreement with its senior lender.
Irwin Gruverman, CEO & Chairman
Robert P. Bruno, President & COO
Jack M. Swig, Investor Relations