Duncan Announces DOE Grant to Blount County Company

FOR IMMEDIATE RELEASE

July 26, 2006

Washington, D.C. - Congressman John J. Duncan, Jr., (R-Tenn.) is pleased to announce that the U.S. Department of Energy has awarded NanoTek, L.L.C. a small business grant totaling $750,000 to be spent over the next two years.

The Blount County research company develops microfluidic chemistry products for the rapid production of Positron Emission Tomography (PET) biomarkers.  PET biomarkers are a critical tool for drug discovery and the clinical detection of cancer, heart disease, Alzheimer's, and other chronic diseases.

NanoTek secured the federal funding through a highly competitive process in response to a Small Business Innovative Research (SBIR) program solicitation.  This is the second phase of DOE funding following nearly $200,000 in grant funding provided last year by the department.  Dr. David Townsend, Director of the University of Tennessee Cancer Imaging and Tracer Development Research Program, and Dr. Meixiang Yu, who manages the radiochemistry program at the University of Tennessee, will collaborate with NanoTek on this grant.

Joseph Matteo, founder and CEO of NanoTek, understands the importance of small businesses to the East Tennessee economy and emphasized the nationwide potential for his company's emerging technology.

"We are just beginning to discover the power and usefulness of this new technology," Matteo said.  "Federal funding opportunities for small businesses are critical to our success and we are fortunate to have the support of both the local and federal governments."

These additional research and development dollars will allow NanoTek to focus on producing radio labeled molecular imaging biomarkers for early disease detection at increased speed and reduced cost.

"This new technology will hopefully help many people across the Country suffering from chronic diseases," said Duncan.  "I am pleased that the Department of Energy recognized NanoTek and East Tennessee's potential for advancing science and technology research."