The UK government has failed to fund adequate research into potential risks posed by developing nanotechnology, a report by leading advisors has warned.

As well as not spotting possible harmful effects, the UK risked losing its world lead in nanoscience, it said.

The Council for Science and Technology (CST) review examined progress on government commitments made in 2005.

Science minister Malcolm Wicks welcomed the review and said government would “respond fully” to the report in time.

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Researchers at UC San Diego [profile] have discovered that iron-containing nanoparticles being tested for use in several biomedical applications can be toxic to nerve cells and interfere with the formation of their signal-transmitting extensions.

“Iron is an essential nutrient for mammals and most life forms and iron oxide nanoparticles were generally assumed to be safe,” said Sungho Jin, a professor of materials science at UCSD and senior author of a paper to be published in Biomaterials. The paper is currently available on the journal’s website. “However, there are recent reports that this type of nanoparticle can be toxic in some cell types, and our discovery of their nano-toxicity in yet another type of cell suggests that these particles may not be as safe as we had once thought.”

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Nanomechanical oscillators — tiny strips of vibrating silicon only a few hundred atoms thick — are the subject of extensive study by nanotechnology researchers. They could someday replace bulky quartz crystals in electronic circuits or be used to detect and identify bacteria and viruses.

The catch is that measuring their vibrations isn’t easy. It is usually done by bouncing laser beams off them — which won’t work when the nanodevices become smaller than the wavelength of the light — or with piezoelectric devices — those bulky quartz crystals we’re trying to get rid of.

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CHICAGO — Appropriating cellulose fibers from cotton and crystallizing them, scientists at Pacific Northwest National Laboratory [profile] have grown never-before-seen configurations of metal crystals that show promise as components in biosensors, biological imaging, drug delivery and catalytic converters.

Deriving the desired chemical and physical properties necessary for those applications hinges on the uniform size of the metal crystals. Depending on the metal, they must be between 2 and 200 nanometers, Yongsoon Shin, a staff scientist at the Department of Energy laboratory in Richland, Wash., reported Monday at the national meeting of the American Chemical Society. PNNL laboratory fellow Gregory Exarhos led the research. Exarhos called Shin’s experimental work “the first report of the efficacy of nanocrystalline cellulose templates in driving the formation of ordered metal and metal oxide nanoparticles at surfaces.” Exarhos has dubbed these cellulose nanocrystals “molecular factories.”

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Tekes, the Finnish Funding Agency for Technology and Innovation, today announced its latest research that shows impressive growth for the Finnish nanotechnology sector. The number of Finnish companies active in nanotechnology has more than doubled from 61 to 134 in just two years. Over 40 of these companies already have commercial products based on nanotechnology. Development has been seen in all of the key sectors of the Finnish economy, from electronics to forest products. The main factor behind the increase in activity is Finland’s National Nanoscience and Nanotechnology Programme, FinNano.

These impressive results were uncovered by the “Nanotechnology in Finnish Industry” survey, published at the 2nd Annual Seminar of the FinNano programme. The biannual survey studies the evolution of the Finnish Nanotechnology scene in the period 2004-2006. Over 200 firms were surveyed for the study by Spinverse Consulting to identify companies with commercial products, research activities or a defined nanotechnology strategy.

The commercial products on the market cover a full range of applications, from industrial equipment to consumer products. The latter include suits from Turo Tailor, which are made using a nanocoated textile that repels water, and ski wax developed by Startex. Sporting equipment has also been impacted by nanotechnology, with an example being high-performance skis by Atomic.

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The goal of BIOMACH, one of the FP6-funded Europen nanotechnology projects, was to achieve scientific prominence in the field of design and handling of nanoscale molecular machines. Launched in 2004, the project will come to a close at the end of April this year. There will be a final review meeting on April 23-25, 2007, in Baden-Baden, Germany.

BIOMACH was set up as a cross-disciplinary esearch initiative dealing with molecular machines, in particular biological and artificial motors. A close collaboration between chemists known for their expertise in designing functional (bio)molecular motors, biophysicists experienced in dealing with molecular biomachines and physicists addressing single-molecules will advance the basic understanding in this domain.

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We all knew this was going to happen.

Nanotechnology has become the neglected stepchild of the markets. The hype and fervor surrounding it a few years ago gave way to warnings that the science would yield precious few applications — and profit — for years.

Then came disappointment and then, in the minds of investors at least, oblivion.

Aside from some erratic stocks, like Altair Nanotechnologies (ALTI - Cramer’s Take - Stockpickr - Rating) [profile], whose shares are volatile as a result of perennial speculation, and the even-rarer company turning a profit, like electron-microscope maker FEI (FEIC - Cramer’s Take - Stockpickr - Rating) [profile], companies toiling in science on the nanoscale have been quietly treading water.

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Nanometrics Incorporated (Nasdaq: NANO) [profile] announced that it has appointed Bruce C. Rhine, an officer of the company and a member of the Board of Directors, to replace John D. Heaton as the company’s President and Chief Executive Officer on an interim basis, effective immediately. The Nominating and Governance Committee of the Board of Directors, together with the Chairman of the Board and the interim CEO, will conduct a nationwide search for a permanent Chief Executive Officer.

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PRINCETON, N.J. — Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced that Schering-Plough has initiated a Phase 1 clinical trial in the United States with PS386113, a compound identified from the collaboration between the two companies. The compound is being evaluated as a potential treatment for inflammatory disease. Pharmacopeia will receive a $1 million milestone payment from Schering-Plough as a result of this trial initiation.

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PRINCETON, N.J. — Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that Dr. Leslie J. Browne, President and Chief Executive Officer, will deliver a corporate presentation at CIBC’s Annual Biotechnology and Specialty Pharmaceuticals Conference. The conference will be held April 11 - 12, 2007, at the Millennium Broadway Hotel in New York City.

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