A Diagnostics & Imaging Week
Cyberkinetics Neurotechnology Systems (Foxborough, Massachusetts) said it has sold its Salt Lake City research products business to 12S Micro Implantable Systems (Salt Lake City) for $982,000 in cash. Cyberkinetics will retain about $570,000 in accounts receivable.
The research products business provides neurotechnology equipment, including neural recording arrays, array insertion devices, and data acquisition systems to academic researchers around the world, Cyberkinetics said.
"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 Oscillating Field Stimulator (OFS) system for acute spinal cord injury," said Timothy Surgenor, president/CEO 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."
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 (Providence, Rhode Island). 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.
Cyberkinetics develops products intended to restore function for people with spinal cord and other nerve injuries, as well as disorders and conditions of the nervous system. Its product pipeline includes the Andara OFS 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.
In other dealmaking news:
• Synthetic Blood International (SBI; Costa Mesa, California) and Virginia Commonwealth University's (Richmond, Virginia) Tech Transfer unit reported that they have signed a license agreement allowing the company exclusive use of certain VCU discoveries. The discoveries relate to non-pulmonary oxygenation, enhanced oxygen transport to tissue, and gas-based wound and tissue therapeutics.
"These licenses will allow our company to develop novel products with Oxycyte in combination with hydrogen peroxide. We believe these can be developed to be used in cardiopulmonary indications and for revolutionary wound treatment indications and devices," said company CEO/chairman Chris Stern. "This license agreement is a substantial expansion of our intellectual property. The potential products from this new IP could add immense value to the company and its future."
Oxycyte is SBI's perfluorocarbon therapeutic oxygen carrier and blood substitute.
"We are pleased to have a signed license with Synthetic Blood International," said Ivelina Metcheva, PhD, director of VCU Tech Transfer and president of the VCU Intellectual Property Foundation. "The company already has a strong relationship with VCU researchers and this agreement should help their work result in life-saving products."
SBI is dedicated to commercializing pharmaceuticals and devices in the field of oxygen therapeutics and continuous substrate monitoring.