VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - T-Ray Science, Inc. (TSX VENTURE:THZ) ("T-Ray Science" or the "Company") is pleased to announce that it has granted a Sub-Licensing Agreement to TeraView Ltd. ("TeraView"), of Cambridge, UK, to use certain continuous wave ("CW") TeraHertz ("THz") technology, originally patented by MIT, and licensed exclusively to T-Ray Science.
TeraView currently offers a range of the most advanced, cutting edge THz spectrometers in the world. One of TeraView's leading products, the CW Spectra 400™ utilizes the sub-licensed technology. The system generates a continuous wave which has a tunable frequency that is emitted and detected via a set of proprietary, fibre-fed THz photomixers. By the addition of suitable supports, gantries or other units, the CW Spectra 400™ is capable of performing spectroscopy and imaging on a range of objects and materials. Under the terms of the Sub-Licensing Agreement, T-Ray Science will collect royalties on the sales of this product and any other products that utilize CW generation in the United States.
According to BCC Research, overall spectroscopy sales in the US are expected to reach $5.2 billion this year, with an average annual growth rate of 7.7%. Furthermore, BCC Research estimates the THz imaging market will be worth $207 million by 2018, with a compound annual growth rate of 37.2% for the period between 2013 and 2018.
"THz technology is different from other methods because one can image things as well as take measurements," said Thomas Braun, President of T-Ray Science. "We believe that a significant percentage of the THz market will go to CW THz devices due to their relative affordability versus other types of THz instruments. Therefore, CW THz technology is very well positioned to compete in a market that demands mass production, low cost, and portability."
T-Ray's Science's platform THz imaging technology has been shown to have numerous potential applications including homeland security, the detection of explosives and ceramic knives, process control in the paper, plastics, petro chemical and pharmaceutical industries, and medical imaging for detection of skin and other cancers. THz waves are also a safe, accurate, and economical alternative to other scanning methods such as high frequency ultrasound, magnetic resonance imaging, and near-infrared imaging. This emergent technology has the potential to revolutionize the way many diseases are diagnosed, and ultimately cured. Numerous studies have shown that THz imaging can be used to image various cancers of which skin cancer imaging continues to be the focus of T-Ray Science's research and development.
About TeraView Ltd.
TeraView is the world's first company devoted to the application of Terahertz light for spectroscopy and imaging in pharmaceutical drug development and manufacture. TeraView's technology can improve the quality of pharmaceutical products and decrease the risk of regulatory non-compliance, leading to potentially safer tablets and savings arising from faster times to market and volume production of higher quality, stable products. Other markets for the technology exist in early stage cancer detection, defense and industrial inspection which are explored via commercial partners. Headquartered in Cambridge, UK, TeraView was spun-out of the Toshiba Cambridge Research Laboratory in April 2001 to exploit the intellectual property and expertise developed in sourcing and detecting THz radiation, using semiconductor technologies and maintains close links with the Cavendish Laboratory at the University of Cambridge, where modern terahertz technology was pioneered in conjunction with the team at TeraView. Sales and support are available throughout Europe, North America and the Far East either directly or through a network of distributors. Website: www.teraview.com
About T-Ray Science, Inc.
T-Ray Science, Inc. is a medical device company centered on the development and commercialization of an innovative skin cancer detection system for the early diagnosis and treatment of all significant forms of skin cancer. (Including: melanoma, basal cell carcinoma and squamous cell carcinoma).
T-Ray Science continues to build a portfolio of OEM and out-licensing agreements to support numerous research and commercial applications.
Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of THz based products, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.