Houston Technology Center

FOR IMMEDIATE RELEASE
May 9, 2007

Houston Technology Center (HTC) and Gulf Coast Regional Center of Innovation and Commercialization (Gulf Coast RCIC) for the Texas Emerging Technology Fund (ETF) announced today that Lynntech Inc. has been awarded a Commercialization Grant by the ETF.

The award for the Gulf Coast region company was officially announced by Governor Rick Perry. The company will be supported by the Houston Technology Center Client program.

Lynntech, Inc., a research and development company, was awarded $600,000 to help develop its high power, hydrogen/air fuel cell technology. 

“Lynntech appreciates the support of Governor Perry and the ETF.  With this award, Lynntech will be able to attract new scientific and engineering talent to Texas as we improve our technology in weight, volume and power density and demonstrate the performance in a heavy vehicle.” said John Clanton, CEO of Lynntech, Inc. For more information visit http://www.lynntech.com.  

Lynntech, Inc. is a technology company developing scientific and engineering concepts and marketing the resulting innovations. Building on a core area of expertise in electrochemistry, the company has developed innovative products in the markets of alternative energy, water treatment and life sciences.  In addition to its products and licensing opportunities, Lynntech offers specialty services in engineering design, machine shop services and unique membrane and electrode assemblies for fuel cell researchers.

With this grant, Lynntech, Inc. joins eight other Gulf Coast region award recipients, all supported by Houston Technology Center Acceleration program:

CorInnova Incorporated - an early stage medical device company, developing and commercializing heart assist technologies that lead to heart recovery rather than replacement, was awarded $500,000.

Endothelix, Inc. - a company dedicated to bringing low-cost and operator-independent endothelial function measurement from research laboratories to the mainstream practice, was awarded $1 million.

itRobotics, Inc., a pioneering technology company operating to provide state of the art non-destructive inspection service for small diameter energy pipes using the latest robotic technology, was awarded $750,000.  

NanoComposites, Inc. (NCI), commercializing its proprietary process for the functionalization of carbon nanotubes, was awarded $1.5 million.

Nanospectra Biosciences, Inc., focusing on clinical development of its AuroLase™ Cancer Therapy which is broadly applicable to virtually all solid tumors, was awarded $1,250,000. 

Carbon Nanotube Acceleration Project (CNAP), an operating division of Carbon Nanotechnologies, Inc. (CNI), developing a new fuel cell technology that is expected to power the next generation of portable and wireless electronic devices, was awarded $975,000.

PLx Pharma, a pharmaceutical company, developing new formulations for safer and more effective non-steroidal anti-inflammatory drugs (NSAIDs) currently on the market, such as Aspirin and Ibuprofen, was awarded $2,000,000.

Molecular LogiX Inc. developing a “first in class” therapeutic cancer treatment that will optimize the company’s Pan-HER Anti-Cancer Ligand, a genetically engineered version of the naturally occurring growth hormone that blocks the cell receptor necessary for growth of tumor cells, was awarded $794,520.

Texas Governor Rick Perry’s $200 million Texas Emerging Technology Fund was created in June 2005 to assist small to mid-size technology companies launch sooner,  expedite the commercialization of new life-changing inventions out of the lab and into the hands of consumers and improve research at Texas universities.

HTC serves as the Gulf Coast RCIC for the ETF, collaborating with Greater Houston Partnership (GHP), Economic Development Organizations (EDO) within its 30-county region, area universities, and community volunteers. The Gulf Coast RCIC and the other seven centers are responsible for processing all funding applications and supporting emerging technology companies in their regions.

“Houston Technology Center extends congratulations to Lynntech, Inc. and is looking forward to assisting the company as it moves forward in the commercialization of its technology. HTC is privileged to be a part of this state-wide effort to elevate our emerging technology sector and universities and make Texas a strong competitor in the global marketplace. ETF results thus far have had great benefits to the State, the region and our community”, stated Walter Ulrich, President and CEO of Houston Technology Center.

Applications for the 8th round of funding by the ETF may be submitted to the Gulf Coast RCIC by Tuesday, May 8, 2007.  For detailed information about the Emerging Technology Fund, visit the Gulf Coast RCIC web site at www.gulfcoastrcic.org.

About Houston Technology Center: Houston Technology Center (HTC) is Greater Houston’s business accelerator and the largest technology business incubator in Texas. A 501(C)(3) corporation and the center of entrepreneurship in Houston, HTC accelerates the commercialization of emerging technology companies within several key sectors: Energy, Technology, Life Sciences, Nanotechnology and NASA-originated technologies. For more information visit www.houstontech.org.

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For more information please contact:

Bob Prochnow

Director, Gulf Coast RCIC

(713) 658-1750

BProchnow@HoustonTech.org

Source: Houston Technology Center