Mayo Clinic, Cardio3 BioSciences deal
The Mayo Clinic and Cardio3 expanded a 2007 deal granting Cardio3 exclusive rights to the clinic's technology that differentiates adult and embryonic stem cells into cardiac cells to treat heart failure. Under the expanded deal, the clinic granted Cardio3 preferred access to license exclusive, worldwide rights to technologies developed in the Mayo Clinic Center for Regenerative Medicine. The center is designed to discover, translate and apply regenerative technologies across medical and surgical specialties, including cardiovascular, cancer and other therapeutic areas.
Cardio3 said that the clinic does not receive any financial compensation in exchange for the preferred access but that the company is providing guidance on developing the products prior to their out-licensing. Cardio3 said that each program has its specific timelines for when options may be exercised, but the company plans to license programs depending in part on their preclinical proof-of-concept or Phase I readiness. Mayo Clinic has about a 3% stake in Cardio3 (see BioCentury, June 18, 2007). ...