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September 29, 2006
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Affinergy Awarded $1.8 Million Phase 2 SBIR Grant for Implant Coatings
RESEARCH TRIANGLE PARK, N.C., September 29, 2006 - Affinergy, Inc., a Duke University spinout with a proprietary site-specific biological delivery system, announced that it has been awarded a Phase 2 SBIR grant for more than $1.8 million. The multi-year grant is funded through the NIH by the National Institute of Arthritis and Musculoskeletal and Skin Diseases.
"Affinergy is very excited to move forward with this important program," said Jonathan Gindes, Affinergy's CFO & SVP of Business Development. "This further validates our technology as reviewed by scientific peers and acknowledges the progress that was demonstrated by our staff during Phase 1 of the program. Affinergy and our shareholders are grateful for the ability to continue these programs without the need for external funding."
"We are anxious to initiate the Phase 2 activities and accelerate the pathway to commercialization," said Paul Hamilton, Ph.D. Affinergy's VP of Research & Development who is Principal Investigator for the program. "We believe this program is a great fit for the skills of our scientific team and are excited by the potential to improve the performance of these implants. This program could provide a significant clinical benefit for a large number of patients."
"This grant will fund a series of critical in vivo tests over the coming years," said Quinn Wickham, M.D. Affinergy's Director of Preclinical Studies. "Over 950,000 devices are implanted each year in the hip, knee, and dental implant markets. Improving the fixation and integration of those devices will have major clinical benefits for the patients, improve their overall quality of life, and reduce general healthcare costs. We are anxious to move the program forward to get these improved devices to market."
About Affinergy, Inc.
Affinergy develops site-specific biological systems using biofriendly linkers that selectively adhere to proteins, drugs, cells, and biomaterial surfaces in order to kickstart biology toward an intended outcome. Affinergy is focused on developing coatings and medical devices for the orthopedic and cardiovascular markets. Affinergy's technology was patented at Duke University and was awarded 2005 Innovation of the Year by Frost & Sullivan in the category of Medical Device Coatings. For more information, visit www.affinergy.com.
For more information:
Peyton Anderson
Chief Executive Officer
Affinergy, Inc.
919-433-2229
panderson@affinergy.com
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