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Cyberonics, Inc. Announces Appointment of Michael A. Cheney to Head Marketing and Depression Business Unit.

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15 Years of Pharmaceutical Marketing and Product Launch Experience

Is Added to Cyberonics Team

Cyberonics, Inc. (Nasdaq: CYBX) announced today that Michael A. Cheney has been named Vice President, Marketing and Managing Director of the Depression Business Unit.

His Cyberonics responsibilities will include epilepsy marketing, global launches of new NCP System products and new indications launches and marketing, including Vagus Nerve Stimulation (VNS) as a treatment for chronic or recurrent depression.

Mr. Cheney has more than 15 years of pharmaceutical marketing and product launch experience. Most recently, Mr. Cheney was Senior Director, Obesity Business Unit at Knoll Pharmaceutical Company (recently acquired by Abbott Laboratories), where he was responsible for the launch of Meridia(R) (sibutramine hydrochloride), a leading anti-obesity drug. Prior to Knoll, Mr. Cheney was Group Director, Central Nervous System Therapeutics Marketing at Wyeth-Ayerst Laboratories, a subsidiary of American Home Products, were he was responsible for the marketing of Effexor(R) (venlafaxine hydrochloride) and the launch of Effexor(R) XR, a leading brand of medication for the treatment of depression. Effexor is the fourth largest selling antidepressant with worldwide sales in 2000 exceeding $1.2 billion.

"With a 15 year track record of marketing and product launch successes in our markets, Michael adds significant value most importantly to our European depression launch which is currently underway and the U.S. depression launch which could occur in the next two years," commented Robert P. Cummins, Chairman and Chief Executive Officer of the Houston-based company. "Cyberonics' mission is to improve the lives of people touched by epilepsy and other disorders that may be prove to be treatable with our patented therapy. The addition of a pharmaceutical marketing strategist with Michael's experience and track record will facilitate the cost effective accomplishment of that mission."

Michael Cheney added, "The long-term safety and efficacy data underscore the potential benefits of VNS for patients, families, physicians and payers. I believe that VNS will be increasingly recognized as a valuable option for patients living with chronic disorders who need effective long term therapy which leads to improved quality of life."

About Cyberonics

Cyberonics, Inc. was founded in 1987 to design, develop and market medical devices for the treatment of patients with epilepsy and other debilitating disorders using a unique therapy, vagus nerve stimulation (VNS). VNS therapy is delivered by the Cyberonics NeuroCybernetic Prosthesis (NCP(R)) System, a pacemaker-like implantable medical device which delivers mild electrical stimulation to the left vagus nerve in the patient's neck. The NCP System is approved as a treatment for epilepsy in all the member countries of the European Union, Canada, Australia, the United States and other markets, as well as for treatment of depression in patients with treatment resistant or treatment intolerant major depressive episodes including unipolar depression and bipolar disorder (manic depression) in the European Union and Canada. A 235 patient randomized phase III pivotal study of VNS for chronic and recurrent depression is currently underway in the United States. Investigations of VNS as a potential treatment for obesity, anxiety disorders and Alzheimer's Disease are ongoing. The NCP System and VNS therapy are covered by a variety of method and device patents. Cyberonics is headquartered in Houston, Texas, USA, with an office in Belgium. For additional information please visit

NCP is a registered trademark of Cyberonics, Inc.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements concerning: developing VNS as a treatment for depression, obtaining reimbursement for the treatment of depression in approved markets and gaining market acceptance in the European depression market. These predictions are based upon information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information should those facts change or should we no longer believe the assumptions to be reasonable. Our actual results may differ materially. Important factors that may cause actual results to differ include: ongoing safety and efficacy of VNS with the Cyberonics NCP System; the overall rate of demand for the Company's products; the Company's ability to hire, train and retain key personnel; the Company's ability to maintain all appropriate regulatory approvals; and management's ability to accurately forecast future events. For further discussion of these and other important factors that could affect the Company's activities and results, please refer to the Company's Annual Report on Form 10-K for the year ended June 30, 2000 and the Company's Quarterly Reports on Forms 10-Q for the three months ended September 30, 2000, December 31, 2000 and March 31, 2001.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 10, 2001
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