Luna Innovations expects to emerge from bankruptcy

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ROANOKE, Va. (AP) — Luna Innovations Inc., which develops molecular and sensing technologies, says it expects to emerge from Chapter 11 bankruptcy protection.

Luna will present its reorganization plan to a federal bankruptcy judge Tuesday at a hearing in Roanoke.

The plan includes the settlement of a lawsuit between Luna and Hansen Medical Inc. Under the settlement, Luna would pay $5 million and give Hansen about 1.3 million shares of common stock.

Luna Chairman and CEO Kent Murphy said Monday in a conference call with investors that the Roanoke-based company will emerge from Chapter 11 as a stronger company.

It filed for Chapter 11 bankruptcy protection in July 2009.