SOURCE: Apogee Technology, Inc.

April 04, 2007 11:15 ET

Apogee Signs Exclusive License With Georgia Tech for Microneedle Technology

Technology Will Advance Commercialization of Company's PyraDerm Intradermal Drug Delivery System

NORWOOD, MA -- (MARKET WIRE) -- April 4, 2007 -- Apogee Technology, Inc. (AMEX: ATA), an emerging developer of advanced drug delivery systems, reported that it signed an exclusive license agreement with the Georgia Tech Research Corporation. Under this agreement, Apogee obtained exclusive rights to a U.S. patent application and know-how related to the design and manufacturing of microneedle-based drug delivery systems. The Company believes the technology, when fully developed, will support the efficient manufacturing of its PyraDerm™ intradermal drug delivery system as well as to increase its utility and potential market applications.

David Meyers, Apogee's Chief Operating Officer, said: "We are very pleased to complete a license agreement for technology developed by Dr. Mark Prausnitz and his team at the Georgia Institute of Technology. Dr. Prausnitz, a recognized leader in the field of drug delivery systems, has published more than 80 research articles and holds 15 issued or pending patents. We believe that when the technology is incorporated, we will be able to increase the drug dose our PyraDerm™ system can deliver and thereby expand the potential market applications. In addition, we believe the technology will facilitate the development of the effective manufacturing process consistent with the stringent requirements of the pharmaceutical industry. This is an important evaluation consideration for a pharmaceutical partner who may be interested in licensing and commercializing our delivery system. The technology has shown significant potential in laboratory tests conducted at Georgia Tech, as well as, in vivo studies to evaluate vaccine delivery efficiency in an animal model. During the first half of 2007, we plan to incorporate this technology into our delivery system and initiate our own in vivo evaluation studies."

Herbert Stein, Apogee's Chairman and Chief Executive Officer, said, "By combining Georgia Tech's technologies with our technologies we are well positioned to achieve our goal to develop advanced delivery systems. Upon the successful completion of our planned in vivo testing in 2007, we intend to pursue agreements with pharmaceutical companies developing and offering high potency protein/peptide drugs and vaccines. Concurrently we are exploring the development of products for the enhanced delivery of active ingredients for applications that may not require regulatory approval, with the goal of generating nearer term revenues for the Company."

About Georgia Tech

The Georgia Institute of Technology is one of the nation's premier research universities. Ranked ninth among U.S. News & World Report's top public universities, Georgia Tech educates more than 17,000 students every year through its colleges of Architecture, Computing, Engineering, Liberal Arts, Management and Sciences. Tech maintains a diverse campus and is among the nation's top producers of women and African-American engineers. The Institute offers research opportunities to both undergraduate and graduate students and is home to more than 100 interdisciplinary units plus the Georgia Tech Research Institute. During the 2004-2005 academic year, Georgia Tech reached $357 million in new research award funding. The Institute also maintains an international presence with campuses in France and Singapore and partnerships throughout the world.

About Apogee Technology, Inc.

Apogee Technology designs, develops and commercializes proprietary drug delivery and sensor products using its MEMS and nanotechnology for the medical, automotive, industrial and consumer markets. The Company is developing its PyraDerm™ solution for enhanced intradermal drug delivery and has introduced a family of pressure sensors under the Sensilica® brand. Apogee's goal is to provide value-added and cost-saving solutions for our customers and, in so doing, become a global leader in the drug delivery and sensor fields. For more information please visit our web site at: http://www.apogeemems.com.

PyraDerm™ and Sensilica® are trademarks of Apogee Technology, Inc. All other product names noted herein may be trademarks of their respective holders. Certain statements made herein that use the words "anticipate," "may," "hope," "estimate," "project," "will," "intend," "plan," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve the design, development and production efforts of our PyraDerm™ and Sensilica® technologies, known and unknown risks and uncertainties, which could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied. Please refer to the company's risk factors as set forth in the Company's filings with the Securities and Exchange Commission, including its reports on Forms 10-KSB and 10-QSB.

Contact Information

  • Apogee Investor Contact:
    Kelly Black
    Premier Funding & Financial Marketing
    480-649-8224
    Email Contact