Northstar Neuroscience sells assets for $2M

Northstar Neuroscience Inc., which announced earlier this year it was shutting down, has sold “substantially” all of its noncash assets to St. Jude Medical Inc.

The Seattle biotech (NASDAQ: NSTR) said late last month it completed the asset sale for $2 million to the St. Paul, Minn.-based company. Northstar also said its board approved a $50,000 bonus to President and CEO John Bowers Jr. “in connection with the completion of the sale.”

In May 2006, after its initial public offering raised $112 million, the 10-year-old company said it would make “proprietary technology … designed to deliver targeted electrical stimulation to the outermost layer of the brain, called the cortex, in a process referred to as cortical stimulation.” The technology “is designed to enhance recovery of hand and arm motor function in patients who have suffered a stroke.”

St. Jude Medical (NYSE: STJ) said it acquired Northstar’s intellectual property portfolio, clinical study data, device designs, and manufacturing equipment.

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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