BOULDER, Colo.—The University of Colorado has received a $30 million payout for a Botox treatment one of its faculty members invented in the late 1990s.
The Daily Camera ( ) reports the method, which was approved by the U.S. Food and Drug Administration in August, treats urinary incontinence in people with neurological conditions and who have overactive bladders. It was developed by former CU professor Richard Schmidt, patented by CU and licensed by California-based Allergan Inc.
David Allen, director of CU’s Technology Transfer Office, says upon approval, “we went to a number of investment organizations that purchase royalty streams and we conducted, in essence, an auction.”
Schmidt does not get a cut because he is no longer with the university. CU’s Anschutz Medical Campus hosted the Botox research.
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Information from: Daily Camera,
