St. Jude Medical buys IP from failed Seattle device firm
St. Jude Medical has picked up some bargain-bin intellectual property from a liquidating Seattle neuromodulation company.
Northstar Neuroscience had been developing a nonsurgical brain-stimulation treatment to help stroke survivors regain hand and arm functions. The company's stock plunged 84 percent after the treatment failed in a key clinical trial, the Seattle Times reported.
St. Jude Medical is acquiring the company's intellectual property and non-cash assets for a payment of $2 million.
CEO Daniel Starks said the purchase reflects St. Jude's commitment to developing its neuromodulation business. Earlier Monday, the company announced it had completed patient implants in a clinical study its own neurostimulation product, Libra.
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