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Posted: September 10, 2007
MedTronic invests $3.75 million in NanoCor
(Nanowerk News) NanoCor Therapeutics Inc. has received a $3.75 million investment from Medtronic Inc., which says it will invest an additional $3.75 million in the company when it meets certain milestones.
NanoCor, an affiliate of Asklepios BioPharmaceutical Inc., focuses on therapeutic cardiac applications and is developing treatments for congestive heart failure (CHF).
In connection with the investment, Medtronic acquires certain rights to exclusively license NanoCor’s CHF therapeutic.
NanoCor’s therapeutic consists of the delivery of a proprietary gene developed at the Massachusetts General Hospital and the University of Cincinnati. The gene will be delivered with AskBio’s proprietary biological nanoparticle and self-complementary vector technologies, which are derived from human adeno-associated virus vectors.
The technology was developed at the University of North Carolina at Chapel Hill and exclusively licensed to AskBio. In addition, Medtronic acquires certain rights to develop AskBio’s technologies for the treatment of central nervous system diseases.
Asklepios is developing therapeutics for muscular dystrophy, bone regrowth, and hemophilia.