A Medical Device Daily

NanoCor Therapeutics (Chapel Hill, North Carolina) reported that it received an investment from Medtronic (Minneapolis) of $3.75 million.

The company said it 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 (AskBio; also Chapel Hill), was created to focus on therapeutic cardiac applications and is engaged in the development of treatments for 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 gene developed at the Massachusetts General Hospital (Boston) and the University of Cincinnati. The gene will be delivered with AskBio's 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 diseases.

AskBio was spun out of UNC. It is developing therapeutics for muscular dystrophy, bone regrowth and hemophilia.