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Cyberonics investors take profits

This article was originally published in The Gray Sheet

Executive Summary

Advanced Neuromodulation Systems divests 3.5 mil.-share, 15% equity stake in Cyberonics via open market transactions Feb. 14-17, according to SEC filings. ANS had purchased the shares last summer as part of a failed attempt to acquire the company. Cyberonics CEO Skip Cummins also sheds 23% of his holdings (350,000 Cyberonics shares), citing the recent opening of the firm's insider trading window Feb. 10. The exec sold an additional 18,000 shares the following day. Cyberonics stock has gained more than 50% in the wake of a Feb. 2 FDA "approvable" letter for VNS Therapy depression treatment (1"The Gray Sheet" Feb. 7, 2005, p. 4)...
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