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Spin Transfer Technologies Names Barry Hoberman Chief Executive Officer and Chairman of the Board

Spin Transfer Technologies, Inc., a leading developer of breakthrough MRAM (Magnetoresistive Random Access Memory) technology, today announced that Barry Hoberman has been appointed as the company’s Chief Executive Officer and Chairman of the Board.

Hoberman joins Spin Transfer Technologies from Crocus Technology, a semiconductor company, where he served as Chief Marketing Officer. He brings more than 32 years of management and engineering experience in the semiconductor industry, having also served as founder and CEO of inSilicon, which was acquired by Synopsys in 2002; CEO of Virtual Silicon; and CEO of T-Zero Technologies, a wireless chip company. Early in his career, Hoberman held management positions at AMD and Monolithic Memories. Hoberman earned an electrical engineering degree from MIT and holds over 20 US patents.

"We are fortunate to have a leader of Barry Hoberman’s caliber and experience taking helm at Spin Transfer Technologies,” said Chris Silva, board member of Spin Transfer Technologies and CEO of Allied Minds. “Barry’s broad base of knowledge in semiconductor technologies and markets, coupled with his experience in leading early-stage technology companies, will be vital as Spin Transfer Technologies transitions from R&D to product development and commercialization.”

Spin Transfer Technologies’ Orthogonal Spin Transfer magnetoresistive random access memory, or OST-MRAMTM, is a disruptive innovation in the field of spin-transfer-based MRAM devices. It enables faster switching times, lower power operation and scalability to smaller lithographic dimensions.

"I am excited and honored to be joining a company with cutting-edge memory technology that is supported by tier-one investors,” said Hoberman. “The company’s Orthogonal Spin TransferTM MRAM memory technology solves many of the challenges facing conventional memory technologies and has the potential to replace Flash, SRAM and DRAM in key markets.”

Hoberman’s hiring comes as Spin Transfer Technologies transitions to commercial semiconductor operation from laboratory-based research and development. The company opened its Silicon Valley office in Fremont, California, in October, following the closing of $36 million in private investment financing.

About Spin Transfer Technologies

Spin Transfer Technologies, Inc. was established by Allied Minds and New York University to develop and commercialize its Orthogonal Spin Transfer magnetoresistive random access memory technology, OST-MRAMTM. The technology, discovered by Professor Andrew Kent, is a disruptive innovation in the field of spin-transfer-based MRAM devices, enabling faster switching times, lower power operation and scalability to smaller lithographic dimensions. For more information, visit www.spintransfer.com.

About Allied Minds

Allied Minds is a U.S. investment firm that deploys private equity to form, fund, manage and build start-ups based on early-stage technologies developed at renowned U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses with capital, management and shared services and is the premier investment firm to utilize this novel and fully integrated approach to technology commercialization. Allied Minds subsidiaries include: Allied Communications, Allied Minds Devices, Allied Minds Federal Innovations, Biotectix, Broadcast Routing Fountains, Cephalogics, CryoXtract, Illumasonix, LuxCath, Optio Labs, PARWorks, ProGDerm, Precision Biopsy, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure, and Spin Transfer Technologies. www.alliedminds.com.

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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