Raytheon contracts with Luna

Luna Innovations Inc., which develops molecular and sensing technologies, today said it received $1.6 million in contracts from the Missile Defense Agency and defense contractor Raytheon Missile Systems.

The company received a multi-year small business innovation research and enhancement contract to make low-cost senior electronics to use in new kill vehicles, which intercept incoming ballistic missile warheads outside the earth's atmosphere and destroy them.

In 2006, Luna Innovations booked revenue of $23.5 million.

Shares rose 28 cents, or 9.3 percent, to $3.28 during premarket electronic trading, after closing at $3 on Monday on the Nasdaq Stock Market. (AP)