A Medical Device Daily
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 makes 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 activity, Aethlon Medical (San Diego) said it has exercised an option to exclusively license a pending patent, "Method to Inhibit Proliferation and Growth of Metastases" from Boston University. According to the company, the license provides a rapid development strategy for new cancer therapies by uniting drug agents that inhibit the spread of cancer related metastases, with filtration techniques in the Aethlon Hemopurifier. The resulting devices would inhibit tumor growth by reducing the presence of circulating growth factors without interfering with surgical wound healing or the recovery of tissue injured by radiation therapy, Aethlon said. While the market for anti-growth factor drug agents exceeds $5 billion, there remains a significant unmet clinical need, as these drug agents may not be indicated for use in conjunction with surgical procedures or radiation treatment as they inhibit wound healing and tissue recovery, according to Aethlon.
The Aethlon Hemopurifier is a medical device designed to provide real-time therapeutic filtration of infectious viruses and immunosuppressive particles from circulation.