“Today’s successful spin-off of Nuvectra marks another point in our strategy to design, develop and manufacture discrete technologies and complete active implantable medical device systems in partnership with customers,” said Greatbatch President and CEO, Thomas J. Hook. “Nuvectra is a valuable partner and customer utilizing an extensive array of intellectual property developed by Greatbatch to improve the quality of life for patients worldwide.”
Nuvectra is a medical device company initially focused on the development and commercialization of a neurostimulation technology platform for the treatment of a variety of neurological disorders. The Algovita® Spinal Cord Stimulation System, approved in the United States and Europe for the treatment of chronic pain of the trunk and limbs, is the company’s first implantable medical device and will be manufactured by Greatbatch under a long term supply agreement.
“This spin-off reaffirms Greatbatch’s commitment to ensuring its strategic priorities remain aligned with stockholders’ best interests while continuing to create enhanced value for customers, healthcare providers and other key stakeholders,” Hook concluded.
Greatbatch shareholders as of March 7 received one share of Nuvectra common stock for every three shares of Greatbatch common stock owned. Nuvectra had formerly been known as QiG Group, LLC. Nuvectra’s management team commented on their new independence.
“Today marks the beginning of an exciting new chapter for our company,” said Scott F. Drees, Chief Executive Officer of Nuvectra. “I would like to thank all of our employees for their hard work and dedication that prepared us to become an independent public company. With the spin behind us, we will focus our efforts on the U.S. launch of our proprietary Algovita® Spinal Cord Stimulation system. Algovita is a powerful, versatile, patient-centric system designed to provide broad and flexible pain control, while fitting into a patient’s everyday lifestyle.”
The Algovita system has been available in Europe since late 2014 and received U.S. Food and Drug Administration (FDA) approval in November 2015. In addition, Nuvectra will continue development of its innovative proprietary technology platform for additional indications, including sacral nerve stimulation and deep brain stimulation.
Nuvectra’s Board of Directors is chaired by Joseph Miller, PhD, former Director and Chair of the Technology, Strategy and Investment Committee for Greatbatch, Inc. Dr. Miller retired in April 2012 as Executive Vice President and Chief Technology Officer for Corning Inc., a position in which he had served since 2001.
“The Nuvectra board is excited to support the creation of a new public company in the neurostimulation space, which represents a large and growing market opportunity,” said Dr. Miller. “Being a stand-alone company will allow Nuvectra to better focus on the needs of its clinician and patient customers.”
Nuvectra begins life with a $75 million cash infusion from its former parent and a single product newly approved in the United States.
Disclosure: The author holds no position in any stock mentioned.
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