Medical-device maker Medtronic, Minneapolis, will invest up to $7.5 million in NanoCor Therapeutics, a Chapel Hill, N.C.-based company that is developing a gene therapy for the treatment of congestive heart failure.
Under the terms of the agreement, Medtronic will acquire exclusive rights to license the NanoCor therapy, which involves the use of a proprietary gene developed by researchers at 902-bed Massachusetts General Hospital, Boston, and the University of Cincinnati. The devicemaker will also acquire licensing rights to a gene-therapy delivery system developed by NanoCors parent company, Asklepios BioPharmaceutical, and researchers at the University of North Carolina at Chapel Hill.
The deal calls for Medtronic to make an initial investment of $3.75 million into the development of NanoCors congestive heart failure gene therapy. An additional $3.75 million investment will follow should NanoCor meet certain development milestones, according to a news release. -- by Shawn Rhea
What do you think? Post a comment on this article and share your opinion with other readers. Submit your letter to Modern Healthcare Online at [email protected]. Please be sure to include your hometown and state, along with your organization and title.