PNIR will develop and commercialize a therapeutic product for peripheral nerve injury based on Cyberkinetics’s Andara Oscillating Field Stimulator (OFS) neurostimulation technology platform. Each company will have equal ownership in PNIR.
Under the terms of the joint venture agreement, NeuroMetrix will fund the first $2 million of the development costs at PNIR during the next two years and will provide PNIR with biomedical engineering and neurophysiology expertise. Cyberkinetics will contribute intellectual property related to its Andara OFS therapy platform and provide technical and scientific expertise to the joint venture.
After the initial $2 million investment by NeuroMetrix, the two companies will each contribute equally to future development costs. As part of the agreement, NeuroMetrix will distribute and Cyberkinetics will manufacture any products developed by the joint venture.