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This article was originally published in The Gray Sheet

Executive Summary

Boston Scientific's approximately $50 mil. stake in the vagus nerve stimulation technology manufacturer demonstrates the firm's interest in the potential of deep brain stimulation. The VNS device already is approved for drug-resistant epilepsy, and Cyberonics is developing the device to treat depression. Houston, Texas-based Cyberonics will host a dinner program outlining its depression regulatory timeline Sept. 24. Cyberonics was targeted for acquisition by Medtronic in 2000, but rejected a $26-per-share takeover offer (1"The Gray Sheet" Sept. 18, 2000, p. 5)...

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Boston Scientific plans to increase its stake in the vagus nerve stimulation (VNS) technology firm from nearly 15% to up to 20% of outstanding shares, after a Dec. 10 shareholder rights plan amendment clears the way. Signaling the potential for broader ties down the road, the move follows a roughly $50 mil. Boston Scientific investment earlier this year (1"The Gray Sheet" June 16, 2003, In Brief). Cyberonics, which holds FDA approval for adjunctive, drug-resistant epilepsy treatment, simultaneously announced the agency accepted for filing its October PMA supplement submission for adjunctive, drug-resistant depression treatment Dec. 9 (2"The Gray Sheet" Nov. 10, 2003, In Brief). Cyberonics has projected potential depression sales of over $1 bil. by 2010...

Cyberonics Shares Up 14% In June, Stimulated By Pending D-04 Trial Results

The promise of a concrete regulatory timeline for Cyberonics' NeuroCybernetic Prosthesis vagus nerve stimulation therapy for depression, coupled with a $50 mil. investment by Boston Scientific, drove the firm's stock price up 13.8% in June

Medtronic Holding Pat On $480 Mil. Acquisition Offer Spurned By Cyberonics

Medtronic's stalled $480 mil. acquisition bid for Cyberonics may be the first test for President and Chief Operating Officer Arthur Collins as he prepares to assume the top executive post at Medtronic next spring.




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