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On May 5, 2006, SpaceDev announced it was selected as a finalist in NASA's $500 million Commercial Orbital Transportation Services (COTS) demonstration program. SpaceDev has been working with NASA Ames to design a modern version of the NASA HL-20 Personnel Launch System, called the SpaceDev Dream Chaser. However, on August 18, 2006 it was revealed that SpaceDev did not win the contract.