Medical device company NeuroMetrix Inc. has paid $350,000 to buy intellectual property and technology from Foxborough- based neurostimulation device maker Cyberkinetics Neurotechnology Systems Inc. used to treat spinal-cord and peripheral nerve injuries.
The deal also includes properties from Cyberkinetics’ (OTC: CYKN) wholly-owned subsidiary Andara Life Science Inc. The transaction covers technologies for the regeneration of peripheral nerves and the spinal cord and for the treatment of nervous system injuries.
NeuroMetrix (Nasdaq: NURO) focuses on developing and marketing new products that help physicians assess and treat diseases and injuries of peripheral nerves and control pain. With this deal, NeuroMetrix now owns the intellectual property rights of Cyberkinetics’ Andara Oscillating Field Stimulator (OFS) technology. This technology relies on an investigational device to stimulate spinal-cord repair and restore sensation.
The deal also covers the rights to develop and sell a product for peripheral nerve injury using Andara’s OFS neurostimulation technology. NeuroMetrix will also be able to develop and market some derivatives of the pharmacological agent 4-aminopyridine, which may be used for the treatment of the central and peripheral nervous system injury and disease.
NeuroMetrix says more than 15,000 physicians use its diagnostic devices. Currently, it’s developing Ascend, a device for localization of nerves during regional anesthesia, treating neuropathies, and controlling pain. Combining its existing technologies with the Andara OFS neurostimulation platform, it hopes to diversify its business and improve its position in the neurotechnology market, officials said.
In October, NeuroMetrix was granted 510(k) clearance from the U.S. Food and Drug Administration for three of its Universal Electrodes.