Home > Press > Medtronic Makes Equity Investment in NanoCor Therapeutics, Inc.
NanoCor Therapeutics, Inc. (NanoCor) today announces an investment by Medtronic, Inc. of $3.75 million. NanoCor intends to use this investment to develop and commercialize a gene therapy based therapeutic for Congestive Heart Failure (CHF). Medtronic has also agreed to invest an additional $3.75 million upon NanoCor meeting certain milestones. NanoCor, an affiliate of Asklepios BioPharmaceutical, Inc. (AskBio), was created to focus on therapeutic cardiac applications and is engaged in the development of proprietary treatments for CHF.
Medtronic Makes Equity Investment in NanoCor Therapeutics, Inc.
CHAPEL HILL, NC | Posted on September 10th, 2007
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 (BNP™) and Self-Complementary vector technologies, which are derived from human adeno-associated virus vectors (rAAV). This technology was developed at the University of North Carolina at Chapel Hill (UNC) and exclusively licensed to AskBio. In addition, Medtronic acquires certain rights to develop AskBio's BNP™ and Self-Complimentary technologies for the treatment of Central Nervous System (CNS) diseases.
About Congestive Heart Failure
CHF is a condition in which the heart is unable to supply sufficient amounts of blood and oxygen to the body. CHF can result from conditions that weaken the heart muscle, cause stiffening of the heart muscles, or increase oxygen demand by the body tissue beyond the heart's capability to deliver. Approximately five million patients in the US suffer from CHF.
About NanoCor Therapeutics, Inc.
NanoCor Therapeutics, Inc. ( http://www.nanocorthx.com ) is a privately held biotechnology company founded to treat CHF at the molecular level. Using the BNP™ and Self-Complementary technology platforms and a novel, patent-protected gene, NanoCor intends to provide patients currently suffering from CHF with an effective, safe, and non-invasive treatment. NanoCor Therapeutics, Inc. is a subsidiary of AskBio.
About Asklepios BioPharmaceutical, Inc.
AskBio (www.askbio.com) was spun out of UNC and is engaged in the development of novel, intracellular protein therapeutics using its BNPTM and Self-Complementary technologies. BNPsTM may be used to deliver a broad variety of biological material, including therapeutic genes, RNAi, and vaccines, among others, to specific tissues. The company is developing therapeutics for muscular dystrophy (collaborating with the Muscular Dystrophy Association), bone regrowth (collaborating with the Musculoskeletal Tissue Foundation), and hemophilia.
For more information, please click here
NanoCor Therapeutics, Inc.
Copyright © Business Wire 2007
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Pixelligent Closes $5.5 Million in Funding: Capital Will Be Used to Support Global Customer Growth December 12th, 2014
Nanometrics Announces Upcoming Investor Events November 19th, 2014
Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014
Arrowhead to Present at Upcoming Conferences November 15th, 2014
Creation of 'Rocker' protein opens way for new smart molecules in medicine, other fields December 18th, 2014
Iranian Researchers Produce Electrical Pieces Usable in Human Body December 18th, 2014
Unraveling the light of fireflies December 17th, 2014
First Home-Made Edible Herbal Nanodrug Presented to Pharmacies across Iran December 17th, 2014
Scientists reveal breakthrough in optical fiber communications December 21st, 2014
Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014
Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014
Instant-start computers possible with new breakthrough December 19th, 2014