Originally Published MX July/August 2004
BUSINESS NEWS
Heart Disease Joint VentureIn early June, Medtronic Inc. (Minneapolis) and Genzyme Corp. (Cambridge, MA) announced that they have formed a joint venture to develop a treatment to rebuild heart muscle following a heart attack. The venture will be named MG Biotherapeutics. The companies said they would split the research costs and the profit if a treatment is successfully developed. The companies expect to enter a late-stage clinical trial in early 2008.
Guidant Corp. (Indianapolis) has made a $15 million investment in Evalve Inc. (Redwood City, CA), which develops catheter-based technologies to repair heart valves. Under the terms of the agreement, Guidant will make additional payments to Evalve based upon the achievement of certain milestones. Guidant will also hold a seat on the company's board of directors.
Synthetic Blood International Inc. (Costa Mesa, CA) announced that it has raised $3 million in financing. Investors were not named. Synthetic Blood president Robert Nicora said the money would be used to fund the second phase of clinical trials for the company's synthetic blood-substitute product. Synthetic Blood develops devices for liquid ventilation, oxygen therapeutics, blood substitutes, and implanted glucose sensing.
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