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 News Release - June 23, 2006

Luna Innovations Announces Ultrasonic Medical Device for Emboli Detection

ROANOKE, Va., June 23 (HSMN NewsFeed) -- LUNA Innovations Incorporated (Nasdaq: LUNA ) has introduced an innovative medical device that uses quantitative ultrasound technology to non-invasively count emboli in the blood stream. Emboli can be air bubbles or solid matter (i.e. lipid, blood clot) and can enter the blood circuit during critical and invasive medical procedures such as a cardio pulmonary bypass surgery. Emboli can be dangerous causing neurological or neuropsychological postoperative deficits and in some cases fatalities.

Luna's EDAC(TM) (Embolus Detection and Classification) QUANTIFIER system uses advanced ultrasound technology to detect individual microemboli at rates up to 1000 per second. Employing missile tracking algorithms originally developed for the defense industry, the system is designed to provide cardiothoracic surgeons, perfusionists and anesthesiologists with an accurate rate of emboli in the blood circuit.

The initial release of the EDAC(TM) QUANTIFIER system was launched in May at Outcomes 2006 in Key West, Florida and is "For Investigational Use Only." LUNA is currently accepting orders for research and exploration purposes. Lead times are currently six weeks after receipt of order. For more information, see http://www.embolidetection.com or email support@embolidetection.com.

About LUNA Innovations [LUNA]

Luna Innovations Incorporated researches, develops and commercializes innovative technologies in molecular technology and sensing solutions. LUNA accelerates the process of bringing new and innovative products to market by focusing on technologies that can fulfill identified market needs and then takes these technologies from the applied research stage through commercialization. Since its inception, LUNA has successfully developed products for the energy, telecommunications, life sciences and defense industries. Headquartered in Roanoke, Virginia, the company has research, development and manufacturing facilities in Blacksburg, Charlottesville, Hampton, and Danville, Virginia and a sales office in McLean, Virginia. Additional information can be found at http://www.lunainnovations.com.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify those so-called "forward-looking statements" by words such as "may," "will," "would," "should," "expects," "plans," "anticipates," "believes," "feels," "estimates," "predicts," "potential," or "continue," or the negative of those words and other comparable words. LUNA Innovations wishes to take advantage of the "safe harbor" provided for by the Private Securities Litigation Reform Act of 1995 and you are cautioned that actual events or results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties, many of which are beyond Luna's control. Factors that could cause actual results to differ materially from the expectations expressed in such forward-looking statements include, but are not limited to: (1) we may be unable to manage our growth effectively, (2) we may experience continuing losses, (3) we may not be successful in identifying market needs for new products, (4) we will continue to rely on contract research, and SBA contracts and SBIR grants for a significant portion of our revenue, (5) we may become ineligible for future SBA contracts and SBIR grants, (6) we face substantial competition, (7) a substantial portion of our technology is subject to retained rights of licensors, (8) our proprietary rights may be insufficient to protect our technologies, (9) third parties may claim that we infringe their intellectual property rights, (10) as a provider of contract research for the U.S. government, we may be subject to federal rules, regulations, audits and investigations, (11) we are subject to significant government regulations including environmental, health and safety and export controls regulations, (12) our ability to develop and market certain of our products may be delayed by FDA regulatory requirements, (13) we have limited manufacturing experience, (14) we face risks associated with our international business, (15) the impact of the slowdown in the overall economy, (16) uncertainty of the current global political environment, (17) the potential for terrorist attacks, (18) changes in customer demands for our existing and new products, the timing, cancellation or delay of customer orders and shipments, and (19) unanticipated manufacturing or supply problems. LUNA cannot guarantee future results, levels of activity, performance, or achievements. Additional factors that may affect the future results of LUNA are set forth in its Registration Statement on Form S-1 and other filings with the Securities and Exchange Commission ("SEC"), which are available at http://www.sec.gov, the SEC's website, and at Luna's website, which is http://www.lunainnovations.com. These factors are updated from time to time through the filing of reports and registration statements with the SEC.


Source: Luna Innovations

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