The Alfred E. Mann Foundation for Scientific Research (AMF) today announced the sale of intellectual property to Medtronic (NYSE:MDT).
As part of the transaction of IP related to implanted infusion pumps, AMF will work with Medtronic to develop the technology into a next-generation implantable insulin pump for people living with hard-to-treat type 1 diabetes in Europe.
According to a news release, the pump technology offers improvements over current state-of-the-art implantable insulin pumps, with more precise delivery of insulin, magnetic resonance imaging (MRI) compatibility and occlusion detection, all within a lighter and smaller package.
Neither party disclosed the terms of the transaction.
“This collaboration with Medtronic provides a unique opportunity to improve the patient experience by bringing cutting-edge technology to help people living with diabetes manage their condition. We are pleased that Medtronic’s search for a next-generation implantable infusion pump led them to AMF,” AMF chairman & CEO Dr. Robert J. Greenberg said in the release. “At the same time, this transaction, coupled with other recent achievements by AMF, including the continued commercial success of our spinoffs, adds to our strong endowment. Today, we are in a position to pursue our mission to develop and commercialize innovative solutions for significant unmet or poorly met medical conditions.
“Our goal has always been to realize Alfred Mann’s dream to bring innovation forward and ultimately ensure that transformative products have a viable commercial pathway for the benefit of patients. We are now poised to further that work and develop innovative new medical technologies for patients across the globe.”