Nuvectra Corporation Begins Trading on NASDAQ
March 14 2016 - 9:30AM
Nuvectra Corporation (NASDAQ:NVTR), formerly QIG Group, LLC,
announced today the completion of its spin-off from Greatbatch,
Inc. (NYSE:GB) into an independent, publicly-traded
neurostimulation medical device company. Nuvectra shares commenced
“regular way” trading today on the NASDAQ Global Market (NASDAQ)
under the symbol “NVTR”.
The spinoff was accomplished by the distribution of
all shares of Nuvectra’s common stock to Greatbatch’s stockholders
on the basis of one share of Nuvectra common stock for every three
shares of Greatbatch common stock held on March 7, 2016, the record
date of the distribution.
“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.”
The new company is headquartered in Plano, Texas
with additional locations in Denver, Minneapolis and Ann Arbor. For
more information about Nuvectra, its management team and board of
directors, and the Algovita Spinal Cord Stimulation system, visit
www.nuvectramed.com.
About Nuvectra Corporation
Nuvectra™ is a neurostimulation company committed to helping
physicians improve the lives of people with chronic neurological
conditions. The Algovita® Spinal Cord Stimulation (SCS) System is
our first commercial offering and is CE marked and FDA approved for
the treatment of chronic pain of the trunk and/or limbs. Our
innovative technology platform also has capabilities under
development to support other neurological indications such as
sacral nerve stimulation (SNS), and deep brain stimulation (DBS).
In addition, our NeuroNexus subsidiary designs, manufactures and
markets leading-edge neural-interface technologies for the
neuroscience clinical research market. Visit the Nuvectra website
at www.nuvectramed.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements," including statements we make regarding the outlook for
Nuvectra as an independent publicly-traded company. Forward-looking
statements are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions, and therefore they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict and may be outside of our control. Our actual
performance may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Any forward-looking statement
made by us is based only on information currently available to us
and speaks only as of the date on which it is made. Important
factors that could cause our actual results to differ materially
from those indicated in the forward-looking statements include: (i)
the timing of the commercial launch of Algovita in the United
States; (ii) our ability to successfully commercialize Algovita and
develop and commercialize enhancements to Algovita; (iii) the
outcome of our development plans for our neurostimulation
technology platform, including our ability to identify additional
indications or conditions for which we may develop neurostimulation
medical devices or therapies and seek regulatory approval thereof;
(iv) our ability to identify business development and growth
opportunities and to successfully execute on our strategy,
including our ability to seek and develop strategic partnerships
with third parties to, among other things, fund clinical and
development costs for new product offerings; (v) the performance by
our development partners, including Aleva Neurotherapeutics, S.A.,
of their obligations under their agreements with us; (vi) the scope
of protection for our intellectual property rights covering
Algovita and other products using our neurostimulation technology
platform, along with any product enhancements; (vii) our ability to
successfully build an effective commercial infrastructure and sales
force in the United States; (viii) our compliance with all
regulatory and legal requirements regarding implantable medical
devices and interactions with healthcare professionals; and (ix)
any product recalls or the receipt of any warning letters from any
governmental or regulatory agency. Please see the sections entitled
“Cautionary Statement Concerning Forward-Looking Statements" and
“Risk Factors” in Nuvectra’s Registration Statement on Form 10 for
a description of these and other risks and uncertainties. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Company Contacts:
Nuvectra Corporation
Walter Berger, Chief Financial Officer
(972) 668-4106
wberger@nuvectramed.com
Jennifer Armstrong, Media Relations
(214) 618-4823
jarmstrong@nuvectramed.com
Investor Contacts:
The Ruth Group
Nick Laudico
(646) 536-7030
nlaudico@theruthgroup.com
Zack Kubow
(646) 536-7020
zkubow@theruthgroup.com
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