Luna Innovations Signs Development Agreement with Philips Medical
Â Relationship further strengthens Lunaâ€™s position in medical field
ROANOKE, Va.–(BUSINESS WIRE)–May. 8, 2012–Luna Innovations Incorporated (NASDAQ: LUNA), a leading developer of fiber-optic sensing technology, today announced a development agreement withPhilips Healthcare, to conduct work in advancing Lunaâ€™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 Lunaâ€™s intellectual property in the non-robotic medical field fromHansen MedicalinFebruary 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 Lunaâ€™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 withIntuitive Surgicalsince 2007 and withHansen Medicalsince 2010.
â€œThis agreement with Philips further strengthens Lunaâ€™s broad relationship with key players in the medical space while further validating the market potential of our technology,â€ saidMy Chung, Lunaâ€™s CEO. â€œThe medical market is a core piece of our overall strategy. It is with these relationships in medical technology that our products will help improve health care. Our agreement with Philips adds a valuable part of the industry to our portfolio.â€
â€œWe expect fiber-optic shape sensing to add valuable new guidance options to minimally invasive careâ€, addedGerard Winkels, Vice President, Strategy & Business Development,Philips Healthcare. â€œWe are of firm intention to bring this technology from bench to bedside.â€
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 â€œforward-looking statementsâ€ 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 Lunaâ€™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 Lunaâ€™s technology into Philipsâ€™s products, the role of minimally invasive surgery in advancing health care generally and the role of Lunaâ€™s technology for minimally invasive surgery. Statements that describe Lunaâ€™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 companyâ€™s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SECâ€™s website at http://www.sec.gov, and at the companyâ€™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 andLuna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
Source:Luna Innovations Incorporated
Luna Innovations Incorporated
Dale Messick, 1-540-769-8400