Medtronic invests millions in NanoCor

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Medtronic has invested $3.75 million in biotechnology company NanoCor Therapeutics of Chapel Hill, N.C., which intends to use the investment to develop and commercialize a gene therapy for congestive heart failure (CHF). Medtronic has also agreed to invest an additional $3.75 million upon NanoCor meeting certain CHF milestones.

As part of the investment, Medtronic has acquired certain rights to exclusively license NanoCor’s CHF therapeutic, which consists of the delivery of a proprietary gene developed at the Massachusetts General Hospital and the University of Cincinnati.

This technology was developed at the University of North Carolina at Chapel Hill and originally exclusively licensed to Asklepios BioPharmaceutical, an affiliate of Nanocor.