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Prospector
Profile
07.1114
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| Cyberonics, Inc. |
NAICS |
334510 |
| Cyberonics Bldg., 100 Cyberonics Blvd.
Houston, TX 77058 |
Description |
Medical Devices Mfg. |
| (281) 228-7200 |
Employees |
547 |
| http://www.cyberonics.com/ |
Revenue |
(mil) |
130.9680 |
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Income |
(mil) |
-51.1800 |
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Assets |
(mil) |
137.6440 |
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Liability |
(mil) |
153.7070 |
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(for the year ended 2007-04-27) |
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Category:
Default
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Event:
In July 2006, Cyberonics, Inc. received a notice of default and demand letter from Wells Fargo Bank, National Association, pursuant to which the Trustee asserted that the Company is in default of obligations under the Convertible Notes. In October 2006, the Company received a notice of acceleration and demand letter from the Trustee informing that, pursuant to the Indenture, the Trustee declared the Convertible Notes due and payable, and demanding that all such principal, interest, fees and expenses under the Convertible Notes be paid to the Trustee immediately.
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Intellectual Property:
The Company has an exclusive license agreement with Jacob Zabara, Ph.D., pursuant to which the Company currently maintains exclusive licenses on five U.S. method patents covering the VNS Therapy System for vagus nerve and other cranial nerve stimulation for the control of movement disorders, neuropsychiatric disorders and other disorders. It also has an agreement with Mitchell S. Roslin, M.D. on two U.S. patents for bilateral VNS for the treatment of obesity.
As of April 27, 2007, the Company owned or licensed 34 U.S. patents and 75 pending U.S. patent applications, covering various aspects of the VNS Therapy System, potential improvements to the VNS Therapy System and methods of treatment for a variety of disorders through electrical stimulation of the vagus nerve or other cranial nerves. In addition to movement disorders, other method patents cover the fields of eating disorders, endocrine disorders, migraine headaches, dementia, neuropsychiatric disorders, motility disorders, sleep disorders, coma, chronic pain, cardiac disorders and hypertension. The Company has filed counterparts of certain key U.S. patent applications in certain key international jurisdictions and currently owns or licenses 31 patents issued by the European Patent Office or other international authorities and 48 patent applications pending in the European Patent Office or before other international authorities. [SEC Filing 10-K 07-06-07]
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Description:
The Company designs, develops, manufactures and markets the Cyberonics VNS Therapy System, an implantable medical device for the treatment of epilepsy and other debilitating chronic disorders.
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Officers:
Hugh M. Morrison (Chair); Daniel J. Moore (Pres., CEO & Dir.); George E. Parker III (Interim CFO); Stanley H. Appel (Dir.); Reese S. Terry, Jr. (Dir.); Jeffrey Schwarz (Dir.); Guy C. Jackson (Dir.); Alfred J. Novak (Dir.); Alan J. Olsen (Dir.); Michael J. Strauss (Dir.); Arthur L. Rosenthal, Ph D. (Dir.)
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Auditor:
KPMG LLP
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Securities:
Common Stock-Symbol CYBX; NasdaqGM;
26,579,760 common shares outstanding as of June 22, 2007.
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