NanoCor Therapeutics has landed a $3.75 million investment from medical device firm Medtronic, The News & Observer reported Friday.
The company is using technology at the University of North Carolina at Chapel Hill to use a genetically engineered virus as a means of drug delivery. Its initial target is people suffering from congestive heart failure. The company calls its technology platform “biological nanoparticle.”
If the gene therapy proves successful in early trials, Medtronic will invest an additional $3.75 million, the N&O said.
NanoCor was spun off from Asklepios BioPharmaceutical two years ago. The company had earlier secured $500,000 in private funded. It also has received grants from the National Institute of Health.
NanoCor has been seeking $5 million in venture capital.