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Cyberonics

This article was originally published in The Gray Sheet

Executive Summary

Vagus nerve stimulation system developer raises $45 mil. in a private placement of 2.5 mil. common shares at $18 each. Proceeds will be used to fund ongoing and future clinical trials in depression, obesity and anxiety, the firm reports Feb. 14. Company's 21-center, 210-patient U.S. pivotal study for depression has enrolled 136 patients to date. Pilot studies in obesity and Alzheimer's are underway, and the firm also has an approved IDE for a 30-patient, four-center pilot study set to begin in fiscal 2001 of left cervical vagus nerve stimulation for three major anxiety disorders. US Bancorp Piper Jaffray acted as placement agent for the financing

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