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On October 1, 2009, Cyberonics entered into a License Agreement with NeuroVista Corporation, providing Cyberonics with access to a range of technology and patents in exchange for payments extending through April 2011. The NeuroVista technology will enable Cyberonics to accelerate its program for development of an implantable pulse generator for stimulating the vagus nerve in response to EEG-based detection of a seizure and includes technology related to an algorithm for seizure detection, a rechargeable battery system, wireless communication, and an implantable lead.
NeuroVista, based in Seattle, Washington, is an early-stage medical device company pioneering new technologies in the management and treatment of epilepsy, including a novel Seizure Advisory System.
Earlier this year, Cyberonics entered into an Exclusive Patent License Agreement and a Research Agreement with the Massachusetts Institute of Technology to license two patent applications relating to EEG-based seizure detection and to sponsor related research. The license agreement provides for minimal up-front and annual payments and future royalty payments based on net sales of the licensed product.
"Collectively, these agreements demonstrate our commitment to continuing to develop medical devices for patients with epilepsy, and incorporating new and promising technology into future generations of the VNS Therapy System, " said Dan Moore, President and Chief Executive Officer. "The proven ability of VNS Therapy to provide significant long-term relief to people with epilepsy, including seizure reduction and improvements to quality of life, will be enhanced by these and other investments in our research and development efforts.
"Combining these investments with our previously disclosed investments in cardiac-based seizure detection provides a unique, broad-based approach to developing seizure detection for patients with epilepsy.
"We are excited that two leaders in the field of epilepsy have chosen to join us in helping to improve the lives of patients with epilepsy."
About Cyberonics, Inc. and VNS Therapy(TM)
Cyberonics, Inc. (NASDAQ: CYBX | Quote | Chart | News | PowerRating) is a medical technology company with core expertise in neuromodulation. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy(TM) System, which is FDA-approved for the treatments of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics, Inc. and VNS Therapy(TM) is available at www.cyberonics.com and www.vnstherapy.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or other similar words. Statements contained in this press release are based on information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information if those facts change or if we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning building on our position as the leader in medical devices for epilepsy, accelerating our program for development of an implantable pulse generator for stimulating the vagus nerve in response to EEG-based detection of a seizure, incorporating new and promising technology into future generations of the VNS Therapy System, enhancing seizure reduction and improvements to quality of life through the investments described in this press release, making other investments in research and development, and developing seizure detection for patients with epilepsy. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy(TM) and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy(TM) for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the potential identification of material weaknesses in our internal controls over financial reporting; risks and costs associated with such governmental inquiries and any litigation relating thereto or to our stock option grants, procedures, and practices and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 24, 2009.
CONTACT INFORMATION:
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
ir@cyberonics.com
SOURCE Cyberonics, Inc.
http://www.cyberonics.com
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