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Financings in Brief: Medtronic/Neurex Corporation

This article was originally published in The Gray Sheet

Executive Summary

Medtronic/Neurex Corporation: Neurex secures an $8 mil. convertible loan from Medtronic under the terms of an April 1994 agreement between the two firms. The $8 mil. will convert to common stock after Neurex "has raised a mutually agreed amount of equity financing," the firms say. Medtronic and Neurex entered an agreement in April 1994 to commercialize Neurex' SNX-111 neuron-specific calcium channel blocker for chronic neuropathic pain via direct administration with Medtronic's SynchroMed implantable programmable drug pump ("The Gray Sheet" May 2, 1994, In Brief). The loan is "aimed at significantly strengthening Neurex' financial position," the companies say...
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