Vivonics, Inc. announced today the sale of intellectual property and other assets related to its Artificial Lung technology to Lung Biotechnology PBC, a wholly-owned subsidiary of United Therapeutics Corporation. Vivonics' development of the Artificial Lung technology was supported by the National Heart, Lung and Blood Institute of the National Institutes of Health under grant number 6R44HL091593-04. Several members of Vivonics' Artificial Lung development team have joined Lung Biotechnology to continue development of the technology. Financial terms of the transaction were not disclosed.
Vivonics' founder, President and CEO, Gordon B. Hirschman commented: “We are excited about putting this technology in the hands of Lung Biotechnology, which is well positioned to continue its development with the goal of bringing artificial implantable lungs to market. When I founded Vivonics in 2012, our mission was to perform development of such advanced medical technologies and to find a path for them to be commercialized as products that can help mankind. This transaction is evidence of the success of our team in this pursuit.”
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