[tt] Cyberkinetics is folding

[Hughes, James J.]

Maker of exciting BCIs - J.

http://www.boston.com/business/healthcare/articles/2009/03/19/cyberkinet
ics_preparing_to_close_shop/

Cyberkinetics preparing to close shop

By Todd Wallack

Globe Staff / March 19, 2009

Cyberkinetics Neurotechnology Systems Inc., a Foxborough medical device
company, is winding down operations, said chief executive Tim Surgenor.

Surgenor said the company is selling off its assets to pay creditors. In
January, the company sold rights to its main product, the Andara
Oscillating Field Stimulator System, to NeuroMetrix Inc. in Waltham for
$350,000. The device is intended to help regenerate nerve cells for
people with severe spinal injuries.

Cyberkinetics hoped to market the device itself, but ran out of money
while waiting two years for approval from the Food and Drug
Administration. The FDA still has not rendered a decision on the
product. "We didn't anticipate it taking so long," Surgenor said. "It's
unfortunate."

NeuroMetrix said Surgenor will join its board April 1.