Nuvectra Achieves 1,000th Algovita® SCS System Implantation in U.S.
December 13 2017 - 8:01AM
Nuvectra Corporation (NASDAQ:NVTR), a neurostimulation medical
device company, announced today that the company’s Algovita® Spinal
Cord Stimulation (SCS) system has now been implanted in 1,000
patients across the U.S. seeking non-pharmaceutical relief from
chronic pain. The milestone procedure was performed on a SCS
patient by Giancarlo Barolat, MD, Neuromodulation Medical Director
at Presbyterian/St. Luke’s Medical Center located in Denver,
Colorado. The Algovita SCS System is a powerful and versatile
spinal cord stimulation system that utilizes the Company’s
patent-protected stretchable lead technology and includes the
smallest patient controller on the market.
Scott Drees, CEO of Nuvectra, said, “Nuvectra is
both excited and proud to celebrate the company’s 1,000th U.S.
implant with Dr. Barolat and his team in Denver. Achieving the
1,000th Algovita implant milestone marks a significant commercial
achievement for Nuvectra, reflecting our positive momentum in the
SCS market and the progress we have made in building our commercial
team. We continue to receive positive physician and patient
feedback, and we remain confident in our ability to further grow
our market share in an expanding SCS market as we continue to raise
awareness of the Algovita SCS system.”
Dr. Barolat commented, “With Alogvita, I am able
to offer my patients effective non-opioid pain relief with a highly
sophisticated SCS system that offers four unique stimulation modes
for long-term chronic pain control. In my experience, the Algovita
system is easy to implant and program, and Algovita patients
achieve significant and sustained reductions in pain with an
overall improvement in function and quality of life.”
Dr. Giancarlo Barolat is an
internationally-recognized expert in neurostimulation therapy for
chronic pain and a pioneer of spinal cord stimulation for
spasticity and pain management. He has four decades of
experience implanting more than 9,000 devices encompassing almost
every neurostimulation application in the market, including pain,
paralysis, headaches, spasticity, dystonia, Parkinson's disease,
epilepsy and bladder dysfunction.
Since June 2005, Dr. Barolat has practiced
neurosurgery and neuromodulation in Denver, Colorado in affiliation
with Presbyterian/St. Luke’s Medical Center. Dr. Barolat completed
medical school and his residency in Neurosurgery at the University
of Torino, Italy. He holds fellowships in Functional
Neurosurgery and Neurostimulation and Spinal Cord Injury and is
board certified by the American and Italian Boards of
Neurosurgery. Dr. Barolat served two consecutive terms as
President of the International Neuromodulation Society, where he
currently serves as Director-at-Large and was a Founding Member of
the American Neuromodulation Society. He received a Lifetime
Achievement Award from the American Association of Neurological
Surgery in 2010 and another from the North American Neuromodulation
Society in 2013.
About Nuvectra Corporation
NuvectraTM is a neurostimulation company
committed to helping physicians improve the lives of people with
chronic 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 intractable pain of the trunk
and/or limbs.
Our innovative technology platform also has
capabilities under development to support other indications such as
sacral neuromodulation (SNM) for the treatment of overactive
bladder, and deep brain stimulation (DBS) for the treatment of
Parkinson’s Disease. 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) our ability to successfully
commercialize Algovita and to develop, complete and commercialize
enhancements or improvements to Algovita; (ii) our ability to
successfully compete with our current SCS competitors and the
ability of our U.S. sales representatives to successfully establish
market share and acceptance of Algovita, (iii) the uncertainty of
obtaining regulatory approvals in the United
States and Europe for our Virtis SNM system, (iv)
our ability to successfully launch and commercialize the Virtis SNM
system if it receives regulatory approval (v) our ability to
demonstrate the features, perceived benefits and capabilities of
Algovita to physicians and patients in competition with similar
products already well established and sold in the SCS market; (vi)
our ability to anticipate and satisfy customer needs and
preferences and to develop, introduce and commercialize new
products or advancements and improvements to Algovita in order to
successfully meet our customers’ expectations; (vii) 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; (viii)
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; (ix) the performance
by our development partners, including Aleva
Neurotherapeutics, S.A., of their obligations under their
agreements with us; (x) the scope of protection for our
intellectual property rights covering Algovita and other products
using our neurostimulation technology platform, along with any
product enhancements or improvements; (xi) our ability to
successfully build, attract and maintain an effective commercial
infrastructure and qualified sales force in the United
States; (xii) our compliance with all regulatory and legal
requirements regarding implantable medical devices and interactions
with healthcare professionals; (xiii) any product recalls, or the
receipt of any warning letters, mandatory corrections or fines from
any governmental or regulatory agency; (xiv) our ability to satisfy
the conditions and covenants, including trailing six month revenue
milestones, of our Credit Facility; and (xv) our ability to raise
capital through means other than or in addition to the Credit
Facility should it become necessary to do so, through a public
offering of our common stock, private equity or debt financings,
strategic partnerships, or other sources. Please see the section
entitled “Risk Factors” in Nuvectra’s Annual Report on Form 10-K
and in our other quarterly and periodic filings 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, COO & CFO(214)
474-3102wberger@nuvectramed.com
Investor Contacts:The
Ruth Group
Tram Bui / Brian Johnston(646) 536-7035 /
7028investors@nuvectramed.com
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