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news.Cyberonics has entered into an agreement with Ethicon Endo-Surgery granting exclusive rights to the company's patents and patent applications pertaining to vagus nerve stimulation for the treatment of obesity and two related co-morbidities, diabetes and hypertension, in overweight patients.
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Ethicon Endo-Surgery has agreed to pay Cyberonics a signing fee of $9.5 million and royalties on commercial sales of products covered by the subject patents.
Dan Moore, president and CEO of Cyberonics, said: “This agreement advances our mission to improve the lives of people affected by chronic neurological disorders. Out-licensing our obesity-related patents permits us to obtain value from these assets while we continue to focus on our other strategic objectives, achieving positive cash flow and profitability, growing our core epilepsy business and appropriately developing our treatment-resistant depression business, and provides an opportunity for a device leader in the obesity space to utilize Cyberonics’s assets in developing weight reduction solutions.”