Case launches Cleveland NanoCrystals, first nanotechnology company

Company receives $50,000 seed investment from Case Technology Ventures

July 7, 2004 | For more information: jeffrey [dot] bendix [at] case [dot] edu (216)-368-6070

Case
Western Reserve University today announced it has completed a license
agreement with Cleveland NanoCrystals, Inc., a pre-seed stage company
formed to commercialize a range of innovative nanomaterials developed
at the university.

The university has also invested
$50,000 in Cleveland NanoCrystals through its Case Technology Ventures
(CTV) fund. Cleveland NanoCrystals was formed by Clemens Burda,
assistant professor of chemistry in Case's College of Arts and
Sciences; and Donna Richardson, former chief executive officer of
NeuroControl Corporation.

The company is based on a
wide range of nanomaterials developed by Burda, including materials
with potential applications in light-emitting diodes, solar cells,
environmental clean-up, and medical imaging, as well as in basic
research.

"Starting a nanotechnology company has always
been a dream of mine," said Burda. "There is much work ahead but I am
looking forward to making Cleveland NanoCrystals a reality."

"Cleveland
NanoCrystals represents a unique opportunity," said Nick Frollini,
director of engineering and physical sciences in the Case Technology
Transfer Office and CTV managing director. "The duo of Burda and
Richardson combine deep technical expertise with business acumen and as
a result, have been able to work with Case to launch this company in
record time. We will be carefully monitoring the company's progress and
hope to increase our investment later in the year."

Burda
and Richardson met at Case's Research ShowCASE 2004 event in April and
have worked with the university's Technology Transfer Office over the
past three months to launch Cleveland NanoCrystals.

"We
are excited about the potential to commercialize this innovative Case
technology," said Richardson, who serves as the company's president.
"The team at Case has been incredibly responsive and has positioned us
to explore the opportunities for these novel and exciting
nanomaterials."

The company represents the third
investment by CTV, Case's pre-seed venture fund, and the first
nanotechnology company launched by the university since it began a new
program of technology transfer in 2001. The company will use the
capital to further refine its business plan and identify additional
market opportunities.

Casey Porto, associate vice
president for technology transfer at Case added, "The launch of
Cleveland NanoCrystals demonstrates our ongoing commitment to
identifying and assisting the best commercial outlets for technology
developed at Case, and is an excellent example of how events like
Research ShowCASE can foster connections between Case and the business
community."

Terms of the license agreement and the investment have not been disclosed.

About Case Western Reserve University

Case is among the nation's leading research institutions. Founded in
1826 and shaped by the unique merger of the Case Institute of
Technology and Western Reserve University, Case is distinguished by its
strengths in education, research, service, and experiential learning.
Located in Cleveland, Case offers nationally recognized programs in the
Arts and Sciences, Dental Medicine, Engineering, Law, Management,
Medicine, Nursing, and Social Sciences. The Commission on Presidential
Debates selected Case to host the U.S. vice presidential debate on
October 5, 2004. http://www.case.edu.