Altair Nanotechnologies Introduces RenaZorb, the Company's New Kidney Dialysis Drug, at the Wall Street Analyst Forum's Institutional Investor Conference.Business Editors RENO, Nev.--(BUSINESS WIRE)--Feb. 28, 2003 Altair President Dr. Rudi E. Moerck Provides Project Updates Including His Recent $50,000 Purchase of Altair Common Stock Altair Nanotechnologies Inc. (Nasdaq:ALTI) today announced that its President Dr. Rudi E. Moerck presented at The Wall Street Analyst Forum's Institutional Investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. Conference targeting the drug and biotechnology industries in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on Feb. 11, 2003. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Moerck, the presentation was well attended by approximately 40 members of various brokerage and investment firms from the tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. . "In keeping with our commitment to maintain our lines of communications," said Moerck, "I am pleased to provide an update to our shareholders and the financial community of recent developments within the company. One of the first updates that I would like to discuss is my $50,000 purchase of Altair's common stock through a Form 4 filing with the SEC. An investment of this size is significant in relation to the value of my stock portfolio and reflects my confidence in Altair's future." Pharmaceuticals RenaZorb(TM) is Altair's new drug candidate for phosphate control in kidney dialysis Dialysis, Kidney Definition Dialysis treatment replaces the function of the kidneys, which normally serve as the body's natural filtration system. patients. Animal testing Animal testing or animal research refers to the use of animals in experiments. It is estimated that 50 to 100 million vertebrate animals worldwide [4][5][6] of RenaZorb is nearing completion. Testing is expected to be complete in late February or early March 2003 with detailed reports available to Altair shortly thereafter. Altair anticipates that the information obtained from animal testing in at least one animal species will initiate further development of RenaZorb. Altair is currently in discussions with three potential licensees of RenaZorb and continues to receive numerous new inquiries, including one inquiry from a pharmaceutical company interested in animal health applications. One pharmaceutical company that had initially shown interest in RenaZorb has decided not to pursue commercial terms. Altair has been invited by the National Institutes of Health to apply for a grant in the area of "Transition Metals in Medicine" and will be seeking appropriate collaborators for the work. RenaZorb, a nanoparticle-based drug, is expected to generate significant revenues for the company this year. The drug is based on Altair's technology platform, which provides the customization of surface area and reactivity of the drug to target the proper speed and amount of phosphate binding in the human gastrointestinal tract gastrointestinal tract n. The part of the digestive system consisting of the stomach, small intestine, and large intestine. Gastrointestinal tract . Altair will work with the RenaZorb licensee company to determine the exact pharmaceutical performance requirements needed to make RenaZorb successful in humans. Pharmaceutical Delivery Currently, Altair is developing and offering samples of novel nanoparticle-based drug delivery products that represent significant future potential for the company. The pharmaceutical delivery system being sampled and tested is composed of micron-sized, hollow "wiffle ball Noun 1. Wiffle Ball - (trademark) a hollow plastic ball with cutouts Wiffle ball - round object that is hit or thrown or kicked in games; "the ball travelled 90 mph on his serve"; "the mayor threw out the first ball"; "the ball rolled into the corner " like spheres that have a large surface area and up to 70 percent voids. The company has made the spheres of nanoparticle titanium dioxide and other metal oxides. Based upon Altair's early testing, management believes that variations of its "wiffle ball" like structures could be employed in a variety of drug delivery strategies including the extension of the life of a patented drug, providing delivery methods for hard to dissolve or absorb drugs, enhancing the delivery of sustained release Sustained-release (SR), extended-release (ER, XR, or XL), time-release or timed-release, controlled-release (CR), or continuous-release (CR or Contin drugs as well as the delivery of dual action drugs or drug/pro-drug combinations. The potential benefits that could be derived from Altair's nanomaterial-based drug delivery substrates are significant. The most obvious benefit would be the extension of existing drug patents. Pharmaceutical companies lose considerable revenues when a drug goes off patent. Utilizing a new drug delivery system that presents clinically significant enhancements can be patented -- extending the drug's exclusive marketing protection for up to 20 years. New dosage forms may also reduce dosage costs of goods sold, and could diminish undesirable side effects Side effects Effects of a proposed project on other parts of the firm. . The company has just begun to discuss its drug delivery products with pharmaceutical companies. Algae algae (ăl`jē) [plural of Lat. alga=seaweed], a large and diverse group of primarily aquatic plantlike organisms. These organisms were previously classified as a primitive subkingdom of the plant kingdom, the thallophytes (plants that Control Algae growth in water can be stopped or inhibited if certain key nutrients can be removed from the water. One of the nutrients that can limit the growth of algae is phosphate. Altair has developed two product families that can reduce phosphate in water to extremely low levels, which inhibits the growth of algae. The new products are called Nano Check(TM). One product consists of an insoluble nanoparticle metal oxide product that can be added to swimming pools or aquariums directly to remove phosphate and thus suppress algae growth. The second product family is to be used in pool filters or aquarium filters and consists of phosphate removal actives that are "mounted" on sand or other inorganic carriers. Altair is in discussions to test and potentially license this technology with several large companies that have swimming pool chemical businesses. The company has built a small algae/phosphate control testing pilot plant at its Reno facility. Thermal Sprays According to a report from the National Resource Council of Canada (NRC NRC abbr. 1. National Research Council 2. Nuclear Regulatory Commission Noun 1. NRC - an independent federal agency created in 1974 to license and regulate nuclear power plants ) Altair's nano-titanium dioxide product produces superior thermal spray hard coatings exhibiting unprecedented durability and toughness while displaying excellent smoothness and very low porosity. Altair and members of the NRC are in the process of developing a business relationship under which testing, commercialization and development is expected to continue. If finalized, a news release will announce the terms of the agreement between the two companies. Altair completed the shipment of 1,500 pounds of nano-titanium dioxide for F.W. Gartner Thermal Spray Co. to coat ball valves for severe duty applications in high quality valves manufactured by Mogas Industries of Houston; however, the end-project in which the severe duty valves were to be used is currently on hold due to economic conditions. Management expects to work on additional projects with Gartner in the near future. Altair Hydrochloride hydrochloride /hy·dro·chlo·ride/ (-klor´id) a salt of hydrochloric acid. hy·dro·chlo·ride n. A compound resulting from the reaction of hydrochloric acid with an organic base. Pigment Process Altair previously announced that it has received a contract to determine the suitability of an existing ore concentrate for making white titanium dioxide pigment with its patented manufacturing process. The work under phase one of the agreement has been successfully completed and billed. Extraction and iron removal work proceeded well with the purification and sample pigment production work from the customer's ore being completed. Altair has just submitted a phase two proposal for the economic evaluation of a demonstration titanium dioxide pigment plant that could be expanded to a full-scale plant with production capabilities of between 10-20 metric tons of titanium dioxide pigment per year. Commencement of work under the second titanium dioxide pigment development agreement announced by Altair based on an ore body located in Vietnam is awaiting funding. Management expects that the funding will be approved and the project will commence within the next three months. United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Government Research Funds The company announced in January that it had entered into a teaming/research agreement with Western Michigan University Western Michigan University, at Kalamazoo, Mich.; coeducational; founded in 1903 as Western State Normal School, became accredited in 1927 as a college, gained university status in 1957. ("WMU WMU Western Michigan University (Kalamazoo, Michigan) WMU Woman's Missionary Union (Southern Baptist Convention) WMU Waste Management Unit WMU World Maritime University (Malmö, Sweden) "). Under the terms of the agreement, two research programs were defined using Altair's nanomaterial science and production capabilities and WMU's research expertise. WMU is pursuing a three- to five-year Federal grant worth $1 million each year for development of the projects and Altair expects confirmation of the funding within the next four weeks. Following a review of project priorities, management has determined to actively solicit funding for projects that may benefit from the company's new, unique nanomaterials. Management is currently considering and intends to solicit various funds from the Department of Energy and the Department of Defense. Hydrogen/Methanol/Hydrocarbon Fuel Cells Work continues in the development of solid oxide fuel cells A Solid oxide fuel cell (SOFC) is an electrochemical conversion device that produces electricity directly from fuel. Fuel cells are characterized by their electrolyte material and, as the name implies, the SOFC has a solid oxide, or ceramic, electrolyte. and materials for stationary, always on, electrical power. The goal of the company is not to manufacture fuel cells, but rather to build prototypes that showcase the company's commercial nanomaterials. The company is selling small amounts of materials including nano-sized yttria yt·tri·a n. See yttrium oxide. [New Latin, after Ytterby, a town in Sweden.] stabilized zirconia and nanoparticle slurries that can be used to manufacture fuel cells using tape-casting technology. These products are being supplied to the ceramic fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. division of a large public company for the evaluation of the electrolytes, anodes and cathodes of solid oxide fuel cells. Batteries Independent tests indicate that electrodes made with Altair materials enable prototype lithium ion A rechargeable battery technology introduced in 1991 that provides greater charge per pound than nickel metal hydride. In 1993, Toshiba introduced the first notebook in the U.S. with a Li-ion battery. batteries to charge and discharge (Equity Practice) the old mode or form of taking an account before a master in chancery. (Equity Practice) See under Charge, n. os> See also: Charge Discharge up to 100 times faster than current commercial batteries. The company has filed patents with respect to this application of its nanotechnology jointly with NTera/Xoliox, which continues to buy small amounts of nano lithium titanate ti·tan·ate n. A salt or ester of titanic acid. spinel spinel, magnesium aluminum oxide, MgAl2O4, a mineral crystallizing in the isometric system, usually as octahedrons. It occurs as an accessory mineral in basic igneous rocks, in aluminum-rich metamorphic rocks, and in contact-metamorphosed for their prototype battery development work. The critical requirement to enable commercialization of rapid charge and discharge lithium ion batteries is new electrolyte electrolyte (ĭlĕk`trəlīt'), electrical conductor in which current is carried by ions rather than by free electrons (as in a metal). materials that can withstand the higher temperatures caused by faster charge and discharge cycles. Several companies are actively working to develop satisfactory electrolytes and management is optimistic of a near-term solution. The company believes the breakthrough for batteries using electrodes that employ nanomaterials will be the development of electrolytes that can withstand the higher temperatures that result from rapid charge/discharge. Rapid charge and especially discharge rates are necessary if lithium ion batteries are to be used in conventional automobile applications or in hybrid vehicles This is a list of hybrid vehicles in chronological order of production: Early designs
Centrifugal Jig Altair has successfully completed the in field and laboratory testing program for the recovery of titanium dioxide pigment from the holding ponds of a white pigment producer. The project employed Altair's proprietary centrifugal jig to efficiently separate unwanted components. In late 2002, Altair completed the testing program with generally positive results and submitted a detailed report and recommendation for full-scale recovery of valuable titanium dioxide from previously difficult to separate tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. to the white pigment producer for funding. The white pigment producer is currently evaluating the proposal. Altair estimates that more than $100 million of titanium dioxide mineral is recoverable worldwide from the holding ponds of pigment producing plants. Other Projects Several other projects are active, however, they are not being aggressively pursued. Such prioritization allows Altair to focus efforts on those projects with the highest likelihood for significant near-term revenue realization. Altair Nanotechnologies Inc. Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterial technology and nanomaterials worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special nanomaterials with potential applications in pharmaceuticals, batteries, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, cosmetics, paints and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a . For additional information on Altair and its nanoparticle materials, visit www.altairnano.com. Forward-Looking Statements This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that Altair will be unable to enter into license agreements regarding its RenaZorb or other developing products, that even if Altair enters into such license agreements, short term revenues from such agreements will not be sufficient to fund Altair's operations in the short run, and that animal testing or future testing on RenaZorb or other products of the company will not be successful and that development will need to be terminated. In general, Altair is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. If the company is unable to continue to raise significant funding through such methods, it may be unable to continue as a going concern. In addition, other risks are identified in the company's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion