January 2009
NeuroMetrix, Inc. (NURO) ... announced today that it has acquired certain technological and intellectual property assets from Cyberkinetics Neurotechnology Systems, Inc. and Andara Life Science, Inc., a wholly-owned subsidiary of Cyberkinetics, for $350,000 in cash.
The acquired assets include all of Cyberkinetics' rights and regulatory filings for the Andara(TM) Oscillating Field Stimulator (OFS(TM)) technology for treatment of acute spinal cord injury, an investigational device designed to stimulate spinal cord repair and restore sensation; the rights to develop and commercialize a therapeutic product for peripheral nerve injury based on the Andara OFS neurostimulation technology; development and commercialization rights to certain derivatives of the pharmacological agent 4-aminopyridine that may be useful in the treatment of central and peripheral nervous system injury and disease; and certain other intellectual property and technology.
November 2008
ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers On and effective October 30, 2008, John P. Donoghue resigned as a member of the Board of Directors of Cyberkinetics Neurotechnology Systems, Inc. (the “Company”). Mr. Donoghue’s resignation is not the result of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On and effective October 30, 2008, Nicholas G. Hatsopoulos resigned as a member of the Board of Directors of the Company. Mr. Hatsopoulos’ resignation is not the result of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
The vacancies on the Board of Directors created by these resignations will not be filled at the current time.
ITEM 8.01 Other Events Based on our most recent informal communication with the FDA, we do not anticipate that we will receive approval of the Andara HDE before the end of 2008, if at all. The FDA has indicated to us that they are planning to issue a letter communicating additional concerns about the data we have provided to date. We do not have any specific information about the content or any estimate of the timing of this letter. Furthermore, we have no information from the FDA as to what additional information or data might be required to receive such approval. We have been unsuccessful in raising any additional capital and do not anticipate being able to raise additional capital to continue operations due to the uncertainty concerning what might be required to obtain FDA approval, combined with current market conditions.
Our existing cash and cash equivalents are only sufficient to meet our projected operating requirements for approximately 30 days. Consequently, we are in the process of negotiating with our secured creditor, General Electric Capital Corporation (“GECC”), to allow us to proceed with an orderly wind down of the Company. If we are not successful in our efforts to develop a mutually acceptable wind down plan with GECC, we plan to cease operations and we may seek bankruptcy protection.
No comments:
Post a Comment