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FOXBORO - The company at the forefront of developing technology that allows severely disabled people to communicate and control various aspects of their homes by harnessing their brain waves appears on the verge of going out of business.

Cyberkinetics Neurotechnology Systems of Foxboro developed the "BrainGate" neural interface system that holds out hope of eventually restoring movement and function for handicapped patients and has been used to allow paralyzed and brain-injured people to communicate via e-mail and control appliances and robotic machines in their homes.

The technology was featured recently in a segment on the CBS News TV program "60 Minutes," and included a demonstration by former Attleboro resident Cathy Hutchinson, a quadriplegic unable to speak since suffering a massive stroke 12 years ago.

In a Nov. 3 filing with the Securities and Exchange Commission, the Foxboro-based company reported that two key members of its board of directors had resigned and that the company has only enough cash to last about 30 days. The filing said the company is negotiating with its main creditor, General Electric Credit Corporation, toward an orderly wind-down of the company.

The SEC document said that if negotiations fail, the company plans to cease operations and may file for bankruptcy protection. The company also said the FDA has thus far failed to approve its Andara oscillating stimulation device, thought to be a promising therapy for spinal cord injuries. The product had been a possible source of revenue for the company while it continues to develop BrainGate.

According to the report, Brown University scientist and inventor John P. Donoghue and Nicholas G. Hatsopoulos have resigned from the board of directors. Neither was a result of any disagreement with the company regarding operations, policies or practices.

Cyberkinetics officials could not be reached for comment.