Cyberkinetics sells research products business to I2S Micro Systems

Terms of sale include $982,000 in cash payable to Cyberkinetics on or before July 1, 2008, and Cyberkinetics’s retention of approximately $570,000 in accounts receivable.

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.

The research products business provides neurotechnology equipment, including neural recording arrays, array insertion devices and data acquisition systems to academic researchers around the world.

Timothy Surgenor, president and CEO of 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 system for acute spinal cord injury.”