HOUSTON, June 11, 2012 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ:CYBX) today announced that it has entered into an exclusive technology license agreement with Imricor Medical Systems, Inc. to develop Magnetic Resonance Imaging ("MRI") compatible leads for use with the VNS Therapy® System (Vagus Nerve Stimulation). Imricor Medical Systems, based in Burnsville, Minnesota, is developing innovative MRI electrophysiology tools and has developed the world's only ablation catheter that is designed for use with MRI systems in EP procedures - the Vision catheter*.
"This collaboration with Imricor Medical Systems builds on our expanded MRI labeling approved by the U.S. Food and Drug Administration in October 2011 and further demonstrates our commitment to innovative technology for patients receiving VNS Therapy," said Dan Moore, Cyberonics' President and Chief Executive Officer. "The management team at Imricor has extensive experience and expertise in this important area, and we look forward to bringing their novel MRI compatibility technology to VNS Therapy patients."
"Imricor's primary focus continues to be the development of products that enable MR-guided cardiac ablation procedures," said Steve Wedan, Imricor's President and Chief Executive Officer. "However, we recognize that many patients will benefit from the availability of MRI-compatible implanted devices, as well, and we are very excited to collaborate with Cyberonics to realize the goal of MRI compatibility for patients receiving VNS Therapy."
*The Vision catheter is an investigational device and not approved for sale in the U.S. or other countries.
About Cyberonics, Inc. and the VNS Therapy System
Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation. The company developed and markets the VNS Therapy System, which is FDA-approved for the treatment of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses an implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics and the VNS Therapy System is available at www.cyberonics.com
About Imricor Medical Systems
Imricor Medical Systems, Inc. is a privately held medical technology company specializing in the magnetic resonance (MR) compatibility of devices. The company is developing a number of products to be commercialized for use during MR guided cardiac ablation procedures. The company is also actively licensing its technology to enable other medical devices to be MR compatible.
Additional information on Imricor is available at www.imricor.com
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or other similar words. Statements contained in this press release are based on information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information if those facts change or if we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning development of MRI-compatible leads for use with the VNS Therapy® System using technology licensed from Imricor Medical Systems, Inc. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS therapy and sales of our products; reimbursement approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third parties; intellectual property protection and potential patent infringement claims; potential litigation relating to compliance with laws and regulations pertaining to our business; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the potential identification of material weaknesses in our internal controls over financial reporting; and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 29, 2011, and our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 29, 2011, October 28, 2011 and January 27, 2012.
Greg Browne, CFO
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
Steve Wedan, CEO
Imricor Medical Systems, Inc.
400 Gateway Blvd.
Burnsville, MN 55337
Main: (952) 818-8400
Fax: (952) 818-8401
SOURCE Cyberonics, Inc.