Nuvectra™ Appoints Neuromodulation Veteran Ben Tranchina as Chief Technology Officer
August 02 2018 - 4:01PM
Nuvectra Corporation (NASDAQ: NVTR), a neurostimulation medical
device company, announced today the appointment of Ben Tranchina as
Chief Technology Officer (CTO), effective August 24, 2018. Mr.
Tranchina has over 25 years of industry experience and most
relevantly served as VP, Product Development at St. Jude Medical,
where he led the development of the company’s neuromodulation
portfolio, following his time at Advanced Neuromodulation Systems,
Inc.
Mr. Tranchina will replace the Company’s current
CTO, Dr. Norbert Kaula, who announced his intention to resign to
pursue other interests, effective August 17, 2018.
Scott Drees, CEO, commented, “I am excited to
welcome Ben to the Nuvectra team, and to work closely with him
again following our years together at Advanced Neuromodulation
Systems Inc. and St. Jude Medical. We believe that his extensive
neuromodulation experience will be highly relevant as we advance
our platform technology. We anticipate a seamless transition and
would like to take the opportunity to thank Dr. Norbert Kaula for
his accomplishments through his nine years of service to the
company, and wish him continued success in his future
endeavors.”
Ben Tranchina has more than 25 years of
experience in technology business leadership for early-stage and
multi-national commercial companies, and approximately 30 issued or
pending patents relevant to neuromodulation. Most importantly, Mr.
Tranchina served in various leadership roles for nine years at
Advanced Neuromodulation Systems, Inc. and St. Jude Medical, where
he led the development of nine first-to-market products.
Most recently, Mr. Tranchina was the Chief
Technology Officer of Neurotechnology Innovations Translator (NIT),
LLC, a privately held company which develops and commercializes
neurotechnology solutions. During his tenure at NIT, he also
served as CEO for NIT portfolio company, Veressa Medical, where he
led development of an innovative peripheral nerve stimulation
system for the treatment of pelvic floor dysfunction and peripheral
pain. Mr. Tranchina holds Bachelor's and Master's degrees in
Electrical Engineering from the University of Texas at Dallas,
specializing in Microelectronic Circuits and Systems.
About Nuvectra Corporation
Nuvectra™ 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 and
timing 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 and when 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) our reliance on each of
Integer, our exclusive and sole manufacturer and supplier of parts
and components for Algovita, and Minnetronix, Inc., our sole-source
supplier of external peripheral devices; (xiv) any supplier
shortages related to Algovita or its components and any
manufacturing disruptions which may impact our inventory supply as
we expand our business; (xv) any product recalls, or the receipt of
any warning letters, mandatory corrections or fines from any
governmental or regulatory agency; (xvi) our ability to satisfy the
conditions and covenants, including trailing six month revenue
milestones, of our Credit Facility; and (xvii) our ability to raise
capital through means other than or in addition to the Credit
Facility should it become necessary to do so, through another
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 CorporationWalter
Berger, COO & CFO(214) 474-3102wberger@nuvectramed.com |
Investor
Contacts:The Ruth GroupTram Bui / Brian
Johnston(646) 536-7035 / 7028investors@nuvectramed.com |
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