Device Coating Startup Biotectix Buys IP From Chameleon BioSurfaces

3/28/11Follow @xconomy

Biotectix is putting some of its new financial firepower to work.

The Ann Arbor, MI-based startup, a spinoff from the University of Michigan, said Monday that it acquired the intellectual property portfolio of Chameleon BioSurfaces in Cambridge, England. Terms of the deal were not disclosed.

Biotectix is developing polymer materials designed to improve how implantable medical devices interact with the body and tissues, over time, such as by enhancing stability and preventing foreign body reactions to the devices.

Last fall, the company received a $3 million investment from Allied Minds, which makes seed investments in technology developed at universities and national labs. It first backed Biotectix in February 2009, alongside Ann Arbor Spark, which invested through its Michigan Pre-Seed Capital Fund.

Chameleon’s advanced polymer coating technology features electroconductive properties that can better control the release of drugs from implantable medical devices. For example, drug eluting stents (tiny devices that prop open clogged arterties) can release drugs over time that prevents the blood vessels from reclosing.

“The Chameleon technology is highly complementary to the…polymer materials we are actively commercializing,” Biotectix general manager Dr. James Arps said in a statement. “Importantly, it further solidifies our leading IP position in this field while giving us additional materials options with our co-development partners in the medical device field.”

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