Cyberkinetics Neurotechnology going bust
Cyberkinetics Neurotechnology Systems Inc., a Foxborough medical device company, is "winding down" its operations, said chief executive Tim Surgenor.
Surgenor said the company is in the process of selling off its assets to pay creditors. In January, the company sold rights to its main product, the Andara Oscillating Field Stimulator System, to NeuroMetrix Inc. in Waltham for $350,000. The device is intended to help regenerate nerve cells for people with severe spinal injuries.
Cyberkinetics hoped to market the Andara device itself, but ran out of money while waiting two years for approval from the Food and Drug Administration. The FDA still has not rendered a decision on the product.
"We didn't anticipate it taking so long," Surgenor said. "It's unfortunate."
NeuroMetrix said Surgenor will join its board effective April 1.
(By Todd Wallack, Globe staff)