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On October 19, 2009, Cyberonics entered into two agreements with Flint Hills Scientific L.L.C., a world leader in real-time detection and quantification of epileptic seizures through cardiac signal detection and processing. The agreements include a license under certain patents and patent applications, along with an option to license related inventions, and a framework for collaborative research and product development. The license agreement provides for up-front and annual payments, as well as future royalty payments based on net sales of licensed products.
Earlier last month, Cyberonics announced two collaborations in the field of EEG-based seizure detection.
"The agreements with Flint Hills Scientific, together with our other collaborations, demonstrate our commitment to developing new medical devices that incorporate cutting edge technology to provide improved device solutions for persons suffering from epilepsy," said Dan Moore, President and Chief Executive Officer. "We plan to provide more details on our future products at the Investor Day program scheduled for December 4, 2009 in Boston.
"We are excited about the opportunity to continue to work to improve the lives of patients with epilepsy."
About Cyberonics, Inc. and VNS Therapy((TM))
Cyberonics, Inc. (NASDAQ:CYBX) 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, developing new medical devices incorporating cardiac-based detection of a seizure, developing new and more efficacious medical devices for persons suffering from epilepsy, and collaborating with Flint Hills Scientific on research and product development. 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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