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Re: [IP] human trials of long term implantable glucose sensor and implantabl...
In a message dated 11/18/00 8:42:15 PM Central Standard Time, email @ redacted
> Help me out here. I thought Minimed would be the one to do this, not MRG.
> Did Mann pick his other company for this and Minimed for other things?
> Please compare and contrast the 2 companies, what they do and their main
Info below taken from the MNMD 1999 annual report
[Maybe some MBA can explain the why & how, but basically MRG is another
company mostly owned by Mann, staffed with formerly MNMD employees which will
develop the implantable pump. MNMD will be the marketing company for the
implantable pump.] If you like reading this stuff, see
Sale of Implantable Insulin Pump Assets
On September 1, 1998, the Company sold assets and transferred technology
related to its implantable pump program to Medical Research Group, Inc.
("MRG") and entered into a series of related transactions. MRG was founded by
Mr. Mann who continues to hold a substantial equity interest in MRG. ....
The Company has also leased facilities and improvements to MRG at which MRG
carries out its activities. The Company has recorded $63,000 and $191,000 as
rental income under this lease during 1998 and 1999, respectively. The
obligations of MRG under such lease are guaranteed by Mr. Mann. Certain
employees of the Company involved in the manufacturing operations and
research and development activities related to the implantable pump product
line have become employees of MRG. The Company retained exclusive
distribution rights to the implantable pump product line for specific medical
conditions, including diabetes. MiniMed is required to purchase implantable
pump units from MRG at negotiated prices, and is obligated to purchase
minimum quantities in 2000 and 2001 and must purchase minimum quantities in
future periods in order to preserve its exclusivity.
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