U. of Minn. spinoff VitalMedix goes bankrupt
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A company that was trying to bring to market a treatment for shock from blood loss developed by two University of Minnesota-Duluth professors has gone bankrupt.
VitalMedix Inc. had spent three years working on the treatment created by two University of Minnesota-Duluth professors. The company filed for Chapter 7 on Feb. 22.
Doug Johnson of the university's Office for Technology Commercialization tells The Minnesota Daily that the university didn't lose any money on the company.
Johnson says that after VitalMedix filed for bankruptcy, the technology became the sole property of the university.
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University researchers are trying to get federal funding to continue the research.
Of the 12 companies the office has spun off since 2007, VitalMedix is the only one to fold.
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Information from: The Minnesota Daily
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