EX-99.1
2
v115527_ex99-1.htm
Unassociated Document
Exhibit
99.1
Cyberkinetics
Announces Sale of Research Products Business
FOXBOROUGH,
Mass.--(BUSINESS WIRE)--May 21, 2008--Cyberkinetics Neurotechnology Systems,
Inc. (OTCBB:CYKN; Cyberkinetics) today announced the closing of the sale of
its
Salt Lake City Research Products business to I2S Micro Implantable Systems
Inc.
("I2S"), a Utah corporation located in Salt Lake City. The Research Products
business provides neurotechnology equipment, including neural recording arrays,
array insertion devices and data acquisition systems to academic researchers
around the world. Terms of sale include $982,000 in cash payable to
Cyberkinetics on or before July 1, 2008, and Cyberkinetics' retention of
approximately $570,000 in accounts receivable.
"This
divestiture provides capital to support our streamlined operations as we
continue to focus on our strategic priority: obtaining FDA approval and
launching the Andara(TM) Oscillating Field Stimulator (OFS(TM)) System for
acute
spinal cord injury", said Timothy R. Surgenor, President and Chief Executive
Officer of Cyberkinetics. "In addition, we have retained our extensive
intellectual property portfolio related to the clinical applications of our
neural interface technology, which we believe may have significant value in
the
future."
Under
the
terms of the sale, Cyberkinetics sold certain assets that relate to its Research
Products business, including all inventory, all fixed assets and all rights
to
engineering subcontracts with Brown University. In addition, Cyberkinetics
transferred all of its rights under the lease for its Salt Lake City facility.
Cyberkinetics also granted I2S an exclusive, royalty-free, non-sublicensable
right and license to manufacture and sell research products in connection with
non-human research products and services.
About
Cyberkinetics Neurotechnology Systems, Inc.
Cyberkinetics
Neurotechnology Systems, Inc. is developing products to restore function for
people with spinal cord and other nerve injuries, as well as disorders and
conditions of the nervous system. Cyberkinetics' product development pipeline
includes: the Andara(TM) Oscillating Field Stimulator (OFS(TM)) System for
acute
spinal cord injury, an investigative device designed to stimulate nerve repair
and restore sensation and motor function; the BrainGate System, an investigative
device designed to provide communication and control of a computer, assistive
devices, and, ultimately, limb movement; and a pilot program in the detection
and prediction of epileptic seizures. PNIR, LLC, a joint venture of
Cyberkinetics and NeuroMetrix, Inc., is working to develop a product to treat
peripheral nerve injury based on Cyberkinetics' Andara OFS Therapy platform.
Additional information is available at Cyberkinetics' website at
www.cyberkinetics.com.
Forward-Looking
Statements
This
announcement contains forward-looking statements, including statements about
certain payments due Cyberkinetics from I2S, Cyberkinetics' product development
plans and progress, potential development of proprietary inventions and benefits
that may be realized by certain research programs or from certain intellectual
property. Such statements may be considered "forward-looking" within the meaning
of the United States Private Securities Litigation Reform Act of 1995. You
can
identify these statements by the use of words like "may", "will", "could,"
"should", "project", "believe", "anticipate", "expect", "plan", "estimate,"
"forecast", "potential", "intend", "continue" and variations of these words
or
comparable words. These statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ
materially from the statements made. Forward-looking statements include, but
are
not limited to, statements concerning our future expectations, plans, prospects
and future operating results as well as projections of cash and marketable
securities and sufficiency of funding for capital expenditures. Actual results
may differ materially from those indicated by these forward-looking statements
as a result of various factors including risks related to: our ability to secure
regulatory approval for our products; our access to additional capital; our
ability to obtain additional funding to support our business activities; our
dependence on third parties for development, manufacture, marketing, sales
and
distribution of our products; our development of products; our ability to obtain
and maintain patent protection for our discoveries and products; and our limited
operating history; as well as those risks more fully discussed in the "Risk
Factors" section of the Company's Annual Report on Form 10-KSB filed with the
SEC on March 31, 2008, and our other public documents filed with the SEC. In
addition, any forward-looking statements represent our views only as of today
and should not be relied upon as representing our views as of any subsequent
date.
CONTACT:
Cyberkinetics Neurotechnology
Systems, Inc.
Elizabeth
A. Razee, 508-549-9981, ext. 109
Manager,
Corporate Communications
erazee@cyberkinetics.com
SOURCE:
Cyberkinetics Neurotechnology
Systems, Inc.

EX - 99 . 1 2 v115527 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 Cyber kinetics Announces Sale of Research Products Business FOXBOROUGH , Mass . -- ( BUSINESS WIRE ) -- May 21 , 2008 -- Cyberkinetics Neurotechnology Systems , Inc . ( OTCBB : CYKN ; Cyberkinetics ) today announced the closing of the sale of its Salt Lake City Research Products business to I2S Micro Implantable Systems Inc . ( " I2S " ) , a Utah corporation located in Salt Lake City . The Research Products business provides neuro technology equipment , including neural recording arrays , array insertion devices and data acquisition systems to academic researchers around the world . Terms of sale include $ 982,000 in cash payable to Cyber kinetics on or before July 1 , 2008 , and Cyberkinetics ' retention of approximately $ 570,000 in accounts receivable . " This divestiture provides capital to support our streamlined operations as we continue to focus on our strategic priority : obtaining FDA approval and launching the Andara ( TM ) Oscillating Field Stimulator ( OFS ( TM ) ) System for acute spinal cord injury " , said Timothy R . Surgenor , President and Chief Executive Officer of Cyberkinetics . " In addition , we have retained our extensive intellectual property portfolio related to the clinical applications of our neural interface technology , which we believe may have significant value in the future . " Under the terms of the sale , Cyberkinetics sold certain assets that relate to its Research Products business , including all inventory , all fixed assets and all rights to engineering subcontracts with Brown University . In addition , Cyberkinetics transferred all of its rights under the lease for its Salt Lake City facility . Cyber kinetics also granted I2S an exclusive , royalty - free , non - sublicensable right and license to manufacture and sell research products in connection with non - human research products and services . About Cyber kinetics Neurotechnology Systems , Inc . Cyber kinetics Neuro technology Systems , Inc . is developing products to restore function for people with spinal cord and other nerve injuries , as well as disorders and conditions of the nervous system . Cyber kinetics ' product development pipeline includes : the Andara ( TM ) Oscillating Field Stimulator ( OFS ( TM ) ) System for acute spinal cord injury , an investigative device designed to stimulate nerve repair and restore sensation and motor function ; the BrainGate System , an investigative device designed to provide communication and control of a computer , assistive devices , and , ultimately , limb movement ; and a pilot program in the detection and prediction of epileptic seizures . PNIR , LLC , a joint venture of Cyber kinetics and NeuroMetrix , Inc . , is working to develop a product to treat peripheral nerve injury based on Cyberkinetics ' Andara OFS Therapy platform . Additional information is available at Cyberkinetics ' website at www.cyberkinetics.com . Forward - Looking Statements This announcement contains forward - looking statements , including statements about certain payments due Cyberkinetics from I2S , Cyberkinetics ' product development plans and progress , potential development of proprietary inventions and benefits that may be realized by certain research programs or from certain intellectual property . Such statements may be considered " forward - looking " within the meaning of the United States Private Securities Litigation Reform Act of 1995 . You can identify these statements by the use of words like " may " , " will " , " could , " " should " , " project " , " believe " , " anticipate " , " expect " , " plan " , " estimate , " " forecast " , " potential " , " intend " , " continue " and variations of these words or comparable words . These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made . Forward - looking statements include , but are not limited to , statements concerning our future expectations , plans , prospects and future operating results as well as projections of cash and marketable securities and sufficiency of funding for capital expenditures . Actual results may differ materially from those indicated by these forward - looking statements as a result of various factors including risks related to : our ability to secure regulatory approval for our products ; our access to additional capital ; our ability to obtain additional funding to support our business activities ; our dependence on third parties for development , manufacture , marketing , sales and distribution of our products ; our development of products ; our ability to obtain and maintain patent protection for our discoveries and products ; and our limited operating history ; as well as those risks more fully discussed in the " Risk Factors " section of the Company 's Annual Report on Form 10 - KSB filed with the SEC on March 31 , 2008 , and our other public documents filed with the SEC . In addition , any forward - looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date . CONTACT : Cyber kinetics Neurotechnology Systems , Inc . Elizabeth A . Razee , 508 - 549 - 9981 , ext . 109 Manager , Corporate Communications erazee@cyberkinetics.com SOURCE : Cyber kinetics Neurotechnology Systems , Inc .