FOXBOROUGH, Mass. & WALTHAM, Mass.--(BUSINESS WIRE)--Cyberkinetics Neurotechnology Systems, Inc. (OTCBB:CYKN; Cyberkinetics), a medical device company focused on developing novel implantable products to treat injuries and conditions of the nervous system, and NeuroMetrix, Inc. (Nasdaq: NURO; NeuroMetrix), a medical device company developing and marketing innovative products that aid physicians in the diagnosis and treatment of neuropathies and neurovascular disorders and provide regional anesthesia and pain control, today announced that they have formed PNIR, LLC (Peripheral Nerve Injury Repair), a joint venture to develop and commercialize a therapeutic product for peripheral nerve injury based on Cyberkinetics’ 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.
