Medtronic gives $3.75m helping hand to NanoCor:
This article was originally published in Clinica
Medtronic has invested $3.75m in gene therapy start-up NanoCor Therapeutics to allow the latter to develop a treatment for congestive heart failure (CHF). NanoCor is aiming to use a genetically-engineered virus, developed using NanoCor-affiliate AskBio's Biological NanoParticle and self-complementary vector technologies, as a way of delivering drugs to failing heart muscles. If preclinical tests of the technology are successful, Medtronic has agreed to invest a further $3.75m. In return, Medtronic gains certain exclusive rights to licence the therapeutic, and rights to develop AskBio's technologies for the treatment of diseases of the central nervous system. Chapel Hill, North Carolina-based NanoCor will also use the new capital to hire six employees to join sole member of staff CEO Sheila Mikhail.