Cyberkinetics Neurotechnology Systems, Inc. today announced the closing of the sale of its Salt Lake City Research Products business to I2S Micro Implantable Systems Inc., 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 Oscillating Field Stimulator 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.
SOURCE: Businesswire