Mayo Clinic and Endiatx have signed a know-how license agreement covering the ongoing development of Endiatx’s PillBot.
The deal gives Mayo Clinic an equity stake in the robotic stomach camera startup, Endiatx co-founder and CEO Torrey Smith told MassDevice. He declined to share the precise size of the single-digit percentage equity stake or other financial terms, but said no cash was changing hands.
The agreement formalizes Hayward, California-based Endiatx’s collaboration with Rochester, Minnesota-based Mayo Clinic. Dr. Vivek Kumbhari, the chair of gastroenterology and hepatology at Mayo Clinic–Florida, joined the Endiatx board in 2021.
The agreement is set to remain in place for 15 years, Endiatx co-founder and Chair Alex Luebke said.
Smith said that should be enough time to get a fully developed PillBot through a clinical trial and onto the market.