CHAPEL HILL, NC – Minneapolis-based Medtronic Inc. has invested an additional $2.5 million in NanoCor Therapeutics Inc., a company developing a gene-based therapy for congestive heart failure. The investment brings the total Medtronic has invested in NanoCor to $6.5 million.
Medtronic has also agreed to invest additional amounts upon Nanocor’s meeting of certain milestones.
NanoCor is planning to supplement Medtronic’s current and future investments with additional funding from institutional investors.
NanoCor, an affiliate of Chapel Hill-based Asklepios BioPharmaceutical Inc. (AskBio), was created to focus on therapeutic cardiac applications and is engaged in the research and development of proprietary treatments for CHF.
Congestive heart failure, also called congestive cardiac failure or heart failure, is a condition in which the heart is unable to supply sufficient amounts of blood and oxygen to the body.
The American Heart Association estimates that approximately five million patients in the United States and over fifteen million patients worldwide suffer from CHF with over 500,000 new cases diagnosed each year.
NanoCor’s therapeutic is comprised 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 the Self-Complementary vector technologies, which are derived from human adeno-associated virus vecto.
This technology was developed at the University of North Carolina at Chapel Hill and was exclusively licensed to NanoCor.
AskBio was spun out of the University of North Carolina at Chapel Hill and is engaged in the development of novel, intracellular protein therapeutics using its BNP and Self-Complementary technologies. BNPs may be used to target delivery of a broad variety of biological material, including therapeutic genes, RNAi, and vaccines, among others, to specific tissues.
Sheila Mikhail, Chief Executive Officer of NanoCor said, “We are pleased to have an additional investment from one of the world’s most respected medical technology companies, especially in these difficult economic times. This investment is a very important step towards providing a non-invasive treatment option for the millions of patients suffering from this debilitating disease.”
Previously on TechJournal South:
Medtronic invests $3.75M in NanoCor:
http://techjournalsouth.com/news/article.html?item_id=3848
Start-up testing gene-based treatment for arthritis:
http://techjournalsouth.com/news/article.html?item_id=6711
Online:www.nanocorthx.com; www.askbio.com
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