SYSTEMS

PALO ALTO, CA -- Molecular Nanosystems today announced it has received initial funding and produced its first batch of nanotubes in its fully functional lab. Molecular Nanosystems aims to pursue the commercialization of nanotechnology applications in biotechnology, chemistry and electronics. The company will leverage its core technology by building strategic relationships. Molecular Nanosystems' initial funding will be used for research and development, laboratory expansion and initial start-up costs. The scientific achievements of Dr. Hongjie Dai, the key founder, will form the basis for this new company. Dr. Hongjie Dai is an assistant professor in Stanford University's chemistry department and an award-winning nanotechnology scientist. Molecular Nanosystems has licensed several patents from Stanford University related to the synthesis of carbon nanotubes. These licenses are based on Dr. Hongjie Dai's extensive and successful research of multiple technologies and applications in industries including electronics, biotechnology and chemistry. Dr. Dai joins a team comprised of leading scientific and business experts: -- Xihong Deng, CEO -- With more than 12 years experience on Wall Street including investment banking and equities, and as the founder of four private companies, Ms. Deng will lead strategic planning, business development and financing. -- Bert Fornaciari, COO -- With more than 25 years experience in Silicon Valley in numerous areas including computer manufacturing, customer support, Internet, and venture capital, Mr. Fornaciari will manage daily operations. -- Dr. Claudia Jaffe, Director of Nano-biotechnology for Research and Development -- Formerly a key scientist with several successful biotechnology companies, Dr. Jaffe will pursue research on applications related to biotechnology. -- Dr. Yuegang Zhang, Senior Scientist -- With more than 10 years of academic and industrial experience in electronics and nanotechnology, Dr. Zhang will pursue scientific research of nanotechnology applications in growth of materials and electronics. This team has extensive resources and strategic alliances in the academic and the corporate sector in the U.S. and Asia. "Nanotechnology is an emerging field that will grow exponentially in the near future," said Dr. Dai, founder of Molecular Nanosystems. "Our team collectively has close to 20 years experience in nanotechnology research providing Molecular Nanosystems with a unique scientific foundation to explore the developing market for applications and end products." Dr. Dai's work has resulted in more than 60 publications in the past ten years including Nature, Science, Physical Review Letters, and Journal of the American Chemical Society; and numerous features in newspapers and magazines including The New York Times. His novel synthetic method for chemical vapor deposition for ordered nanotubes and other academic achievements have won him many awards, such as the Packard Fellowship for Science and Engineering, the Sloan Fellowship, and the Pure Chemistry Award of 2002 from the American Chemical Society. A leader in the field, Dr. Dai has developed nanotube chemical and biological sensors, as well as integrated nanotubes for a variety of electrical, mechanical, and electromechanical devices. Nanotechnology, including its related end products, is estimated to represent a billion dollar market within the next 5-10 years. The company anticipates securing additional funding in 2002. Molecular Nanosystems, Inc. is engaged in research, development, production and distribution of nanotube-oriented products and systems using leading-edge nanotechnologies. Its suite of nanotube-based end products are intended to provide improvements in scale, density, sensitivity, selectivity, integration and power consumption. These products will have a fundamental impact in electronic, biological and chemical industries. Additional information is available at www.monano.com