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Cyberonics Announces Epilepsy Technology
Collaborations
HOUSTON, Texas, October 2, 2009 -- Cyberonics, Inc.
(NASDAQ:CYBX) today announced two collaborations in the field of
EEG-based seizure detection to build on its position as the
leader in medical devices for epilepsy.
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™
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™ 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™ 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™ and sales of our product; the
development and satisfactory completion of clinical trials
and/or market test and/or regulatory approval of VNS Therapy™
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.
Contacts
Cyberonics
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
ir@cyberonics.com
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