EnteroMedics (NSDQ:ETRM) said today it inked a collaborative deal with Galvani Bioelectronics, a joint venture between GlaxoSmithKline (NYSE:GSK) and Alphabet‘s (NSDQ:GOOGL) Verily Life Sciences, through which Galvani will use a modified vBloc system for pre-clinical research.
St. Paul, Minn.-based said it will receive payments for its development under the agreement, and that it will retain rights, title and ownership of the intellectual property for the new device, which will be licensed to Glavani.
In the deal, Galvani will be granted right of first negotiation for a potential exclusive or non-exclusive supply of the device, exercisable at Galvani’s election, according to an SEC filing.
“EnteroMedics believes that this collaboration is an example of opportunities that may exist to leverage the company’s intellectual property portfolio and custom development services to provide third party sales and licensing opportunities,” the company wrote in the filing.
In May, EnteroMedics said it acquired BarioSurg and the gastric vest it developed to treat obesity, sending share prices surging in pre-market trading.
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