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GEN News Highlights : Sep 10, 2007

Medtronic Makes $3.75M Equity Investment in NanoCor

Company gains exclusive license to gene therapy for CHF and delivery tools for CNS indications.

Medtronic invested $3.75 million in NanoCor Therapeutics to help the company advance its gene-based drug for congestive heart failure (CHF). In return, Medtronic holds the right to exclusively license this product and to develop the associated delivery technologies for central nervous system diseases.

Medtronic reports that it will invest an additional $3.75 million upon NanoCor meeting certain milestones.

NanoCor’s treatment consists of the delivery of a gene developed at the Massachusetts General Hospital and the University of Cincinnati. NanoCor is an affiliate of Asklepios BioPharmaceutical and will use AskBio’s Biological NanoParticle and Self-Complementary vector technologies that are derived from human adeno-associated virus vectors for delivery.