Cyberkinetics Neurotechnology, at one time an oft-discussed early stage device firm, has seen a steady decline in share price. Current market conditions are largely to blame: investors have little patience for products with long, windy paths to commercial success, even if they offer significant patient upside.
Cyberkinetics is best known for its BrainGate System, an investigative device designed to provide communication and control of a computer, assistive devices, and, ultimately, limb movement. While it has received significant media coverage, commercialization seems a long way off.
The company’s pipeline also includes Andara OFS Therapy for acute spinal cord injury, an investigative device designed to stimulate nerve repair and restore sensation and motor function.
In February, around the time this interview was filmed, Cyberkinetics and Neurometrix formed a joint venture to co-develop Andara for peripheral nerve injury. That collaboration is ongoing.
In May, Cyberkinetics sold its Research Products business to I2S Micro Implantable Systems. The Research Products business provides neurotechnology equipment to academic researchers worldwide. Terms of sale included $982,000 in cash payable and retention of $570,000 in accounts receivable.
