<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Cyberonics, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
(Title of Class of Securities)
- --------------------------------------------------------------------------------
23251P102
----------------------
(CUSIP Number)
Check the following box if a fee is being paid with the statement /_/. (A
fee is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13D-7.)
SEC 1745 (2/95)
- ----------
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes.)
Page 1 of 11 Pages
<PAGE>
- ------------------------------- -------------------------------
CUSIP No. 23251P102 SCHEDULE 13G Page 2 of 11 Pages
- ------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Chase Venture Capital Associates, L.P. (f/k/a
Chemical Venture Capital Associates,
A California Limited Partnership)
13-337-6808
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /_/
(b) /_/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
517,198
-------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY Not applicable.
OWNED BY -------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 517,198
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not applicable.
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,198
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES /_/
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.4%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
Item 1.
(a) Name of Issuer:
Cyberonics, Inc.
(b) Address of Issuer's Principal Executive Offices:
17448 Highway 3
Suite 100
Webster, Texas 77598
Item 2.
(a) Name of Person Filing:
Chase Venture Capital Associates, L.P. (f\k\a Chemical Venture
Capital Associates, A California Limited Partnership)
Supplemental information relating to the ownership and control
of the person filing this statement is included in Exhibit
2(a) attached hereto.
(b) Address of Principal Business Office or, if none, Residence:
380 Madison Avenue, 12th Floor
New York, New York 10017
(c) Citizenship:
See Row 4 on cover page.
(d) Title of Class of Securities (of Issuer):
Common Stock
(e) CUSIP Number:
See top of cover page.
Item 3. If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b),
check whether the person filing is a:
Not applicable.
Page 3 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
Item 4. Ownership
(a) Amount Beneficially Owned:
517,198 (as of December 31, 1996)
(b) Percent of Class:
4.4% (as of December 31, 1996)
(c) Number of shares as to which such person has:
(i) 517,198
(ii) Not applicable.
(iii) 517,198
(iv) Not applicable.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
Not applicable.
Page 4 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 12, 1997 CHASE VENTURE CAPITAL ASSOCIATES, L.P.
By: CHASE CAPITAL PARTNERS,
its General Partner
By: /s/ Jeffrey C. Walker
-------------------------------
Name: Jeffrey C. Walker
Title: A General Partner
Page 5 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
EXHIBIT 2(a)
This statement is being filed by Chase Venture Capital Associates, L.P.
(f/k/a Chemical Venture Capital Associates, a California Limited Partnership)
(hereinafter referred to as "CVCA"), whose principal business office is located
at 380 Madison Avenue, 12th Floor, New York, New York 10017. The general partner
of CVCA is Chase Capital Partners (f/k/a Chemical Venture Partners), a New York
general partnership ("CCP"), whose principal business office is located at the
same address as CVCA.
Set forth below are the names of each general partner of CCP who is a
natural person. Each such general partner is a U.S. citizen, whose principal
occupation is general partner of CCP and whose principal business office address
(except for Messrs. Ferguson and Soghikian) is c/o Chase Capital Partners, 380
Madison Avenue, 12th Floor, New York, New York 10017.
John R. Baron
Mitchell J. Blutt, M.D.
Arnold L. Chavkin
David L. Ferguson
Michael R. Hannon
Donald J. Hofmann
Stephen P. Murray
Brian J. Richmand
Shahan D. Soghikian
Jeffrey C. Walker
Damion E. Wicker, M.D.
Mr. Ferguson's principal business office address is c/o Chase Capital
Partners, 840 Apollo Street, Suite 223, El Segundo, California 90245. Mr.
Soghikian's principal business office address is c/o Chase Capital Partners, 125
London Wall, London EC2Y5AJ, England.
Jeffrey C. Walker is the managing general partner of CCP. The remaining
general partners of CCP are Chemical Capital Corporation, a New York corporation
("Chemical Capital"), CCP Principals, L.P. (f/k/a CVP Principals, L.P.), a
Delaware limited partnership ("Principals") and CCP European Principals, L.P., a
Delaware limited partnership ("European Principals"), each of whose principal
business office is located at the same address as CVCA. Chemical Capital is a
wholly owned subsidiary of The Chase Manhattan Corporation (f/k/a Chemical
Banking Corporation), a Delaware corporation, whose principal business office is
located at the same address as CVCA. The general partner of each of Principals
and European Principals is Chemical Capital. Set forth in Schedule A hereto and
incorporated herein by reference are the names, business addresses and principal
occupations or employments of each executive officer and director of Chemical
Capital, each of whom is a U.S. citizen.
The Chase Manhattan Corporation ("Chase") is a Delaware corporation
engaged (primarily through subsidiaries) in the commercial banking business with
its principal office located at 270 Park Avenue, New York, New York 10017. Set
forth in Schedule B hereto and incorporated herein by reference are the names,
business addresses, principal occupations and employments of each executive
officer and director of Chase, each of whom is a U.S. Citizen.
Page 6 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
SCHEDULE A
CHEMICAL CAPITAL CORPORATION
Executive Officers
President Jeffrey C. Walker**
Executive Vice President Mitchell J. Blutt, M.D.**
Vice President & Secretary Gregory Meridith*
Vice President & Treasurer Donna L. Carter**
Assistant Secretary Robert C. Carroll*
Directors
William B. Harrison, Jr.*
Jeffrey C. Walker**
- ----------
*Principal occupation is employee and/or officer of Chase. Business address is
c/o The Chase Manhattan Corporation, 270 Park Avenue, New York, New York 10017.
**Principal occupation is employee of Chase and/or general partner of CCP.
Business address is c/o Chase Capital Partners, 380 Madison Avenue,
12th Floor, New York, NY 10017.
Page 7 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
SCHEDULE B
THE CHASE MANHATTAN CORPORATION
Executive Officers*
Walter V. Shipley, Chairman and CEO
Edward D. Miller, Senior Vice Chairman
Thomas G. Labrecque, President and COO
William B. Harrison, Jr., Vice Chairman
Directors**
Principal Occupation or Employment;
Name Business or Residence Address
- ---- -----------------------------
Frank A. Bennack, Jr. President and Chief Executive Officer
The Hearst Corporation
959 Eighth Avenue
New York, NY 10019
Susan V. Berresford President
The Ford Foundation
320 East 43rd Street
New York, NY 10017
M. Anthony Burns Chairman, President and CEO
Ryder System, Inc.
3600 N.W. S2nd Avenue
Miami, FL 33166
H. Laurance Fuller Chairman of the Board and
Chief Executive Officer
Amoco Corporation
200 East Randolph Drive
Chicago, IL 60601
- ----------
*Principal occupation is executive officer and/or employee of The Chase
Manhattan Bank. Business address is c/o The Chase Manhattan Bank, 270 Park
Avenue, New York, New York 10017. Each executive officer of Chase is a U.S.
citizen.
**Each of the persons named below is a citizen of the United States of America.
Page 8 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
Principal Occupation or Employment;
Name Business or Residence Address
- ---- -----------------------------
Melvin R. Goodes Chairman of the Board and
Chief Executive Officer
Warner-Lambert Company
201 Tabor Road
Morris Plains, NJ 07950
William H. Gray, III President and Chief Executive Officer
United Negro College Fund, Inc.
8260 Willow Oaks Corporate Drive
P.O. Box 10444
Fairfax, VA 22031
George V. Grune Retired Chairman and Chief Executive
Officer the Reader's Digest
Association, Inc.
Chairman of the Board
The DeWitt Wallace-Reader's Digest Fund
Lila Wallace-Reader's Digest Fund
2 Park Avenue, 23rd Floor
New York, NY 10016
William B. Harrison, Jr. Vice Chairman of the Board
The Chase Manhattan Corporation
270 Park Avenue, 8th Floor
New York, NY 10017-2070
Harold S. Hook Chairman of the Board
American General Corporation
2929 Allen Parkway
Houston, TX 77019
Helene L. Kaplan Of Counsel
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue - Room 29-72
New York, NY 10022
Thomas G. Labracque President and Chief Operating Officer
The Chase Manhattan Corporation
270 Park Avenue, 8th Floor
New York, NY 10017-2070
Page 9 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
Principal Occupation or Employment;
Name Business or Residence Address
- ---- -----------------------------
J. Bruce Liewellyn Chairman of the Board
The Philadelphia Coca-Cola
Bottling Company, The Coca-Cola
Bottling Company of Wilmington, Inc.
and Queen City Broadcasting, Inc.
The Philadelphia Coca-Cola Bottling Company
30 Rockefeller Plaza, 29th Floor
New York, NY 10112
Edward D. Miller Senior Vice Chairman of the Board
The Chase Manhattan Corporation
270 Park Avenue, 8th Floor
New York, NY 10017-2070
Edmund T. Pratt, Jr. Chairman Emeritus
Pfizer Inc.
Astors Lane
Port Washington, NY 11050
Henry B. Schacht Chairman of the Board and
Chief Executive Officer
Lucent Technologies, Inc.
600 Mountain Avenue - Room 6A511
Murray Hill, NJ 07974
Walter V. Shipley Chairman of the Board and Chief
Executive Officer
The Chase Manhattan Corporation
270 Park Avenue, 8th Floor
New York, NY 10017-2070
Andrew C. Sigler Retired Chairman of the Board
and Chief Executive Officer
Champion International Corporation
1 Champion Plaza
Stamford, CT 06921
John R. Stafford Chairman, President and Chief
Executive Officer
American Home Products Corporation
Five Giralda Farms
Madison, NJ 07940
Page 10 of 11 Pages
<PAGE>
SCHEDULE 13G
Issuer: Cyberonics, Inc. CUSIP Number: 23251P102
- --------------------------------------------------------------------------------
Principal Occupation or Employment;
Name Business or Residence Address
- ---- -----------------------------
Marina v.N. Whitman Professor of Business Administration
and Public Policy
The University of Michigan
School of Public Policy
411 Lorch Hall, 611 Tappan Street
Ann Arbor, MI 48109-1220
Page 11 of 11 Pages
