Current News
For Immediate Release

Philadelphia, PA – February 6, 2004 – The Nanotechnology Institute (NTI), a comprehensive model for the development of nanotechnology-driven real world applications, has signed its first international corporate member agreement with ITOCHU Corporation of Japan.

"The NTI is proud to partner with the ITOCHU Corp. to aid in the research and commercialization of innovative technologies emerging from the field of nanotechnology," states RoseAnn B. Rosenthal, President and CEO, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP), a founding partner of the Nanotechnology Institute.

"ITOCHU is pleased to become a first international corporate member of the NTI. I believe that ITOCHU/NTI cooperation will facilitate collaboration between Japanese and U.S. companies, ventures, universities and research institutions in the nanotechnology area, including technology transfer and investment." states Yoshio Matsumi, Executive Councilor of ITOCHU Corporation.

ITOCHU Corporation (www.itochu.co.jp) is one of Japan's leading general trading companies with annual sales exceeding 11.4 trillion yen (approx. US$85.5 billion). Currently ranked 17th in Fortune Magazine's Global 500 list, ITOCHU Corporation has over 650 subsidiaries and associated companies worldwide and is engaged in a wide variety of businesses, including information technologies, finance, textiles, construction, chemicals, real estate, aerospace, machinery, energy and food products. ITOCHU has been aggressively promoting nanotech and biotech related business activities, including investment in biotechnology venture capital funds and venture companies, alliance with universities and research institutions in Japan and other countries.

Dennis Yablonsky, Secretary of the Pennsylvania Department of Community and Economic Development said, "The Nanotechnology Institute is becoming an international leader for collaboration between Pennsylvania's corporations and nanotechnology research universities. We are pleased that the Institute will be partnering with the ITOCHU Corp. to further support the growth of cutting edge nanotechnology in the Commonwealth."

The NTI, founded in 2000 with a $10.8 million commitment from the Commonwealth of Pennsylvania, is a partnership among BFTP/SEP, Drexel University and the University of Pennsylvania. As a regional focal point for nano-related efforts, the NTI builds on the collective strengths of corporate interests, life and material science assets, research institutions, and economic development organizations.

The NTI's current research and development efforts are lead by 41 faculty representing nearly a dozen academic and medical institutions. Among its most recent accomplishments, the NTI has leveraged more than $57 million in state and federal funds developed an associate degree curriculum for nano-biotechnicians; and partnered with Penn State University and the Commonwealth of Pennsylvania to convene the first statewide conference on nanotechnology.