Nuvectra Corporation (NASDAQ: NVTR), a neurostimulation medical
device company, today announced the appointment of Fred B. Parks,
PhD, as Chief Executive Officer, effective immediately. Dr. Parks
has served as a member of the Company’s Board of Directors since
March 2016 and will retain his position as a Director. His
appointment follows Scott F. Drees’s decision to step down as CEO
and coincides with the election by the Board of Directors of Mr.
Christopher G. Chavez as a Director and member of the Company’s
Compensation Committee.
Joseph A. Miller, Chairman of the Board, stated, “As we
anticipate the approval of Virtis, we are extremely confident that
Fred is the right leader to drive robust diversified growth based
on his deep knowledge of the Company, its technology and strategic
goals. We look forward to leveraging his extensive experience in
leading growth stage medical device companies in this new role.
While we remain excited for the next growth phase at Nuvectra, I
would like to recognize Scott for his work to develop our
technology and for the early commercial success of Algovita®.
As a founding member of the Company, we thank him for his
outstanding dedication and service and we wish him the best in his
future endeavors.”
Dr. Parks commented, “We have already established
notable traction in the spinal cord stimulation market
with Algovita and are well positioned to further leverage our
innovative platform technology to diversify our offering with
Virtis™ for SNM, pending approval. Expanding my role with
Nuvectra at this critical juncture of its growth trajectory is a
privilege, and I thank the Board for this opportunity.”
Mr. Miller added, “We are also pleased that Mr. Chavez will be
joining our Board and we look forward to his contributions as a
neurostimulation and medical device industry veteran. We believe
his proven ability to drive value at growth stage companies such as
Nuvectra, in addition to his technology and business acumen, will
be instrumental as we continue to expand and transform our
business.”
Mr. Drees stated, “I am extremely proud of the accomplishments
that Nuvectra and its employees have achieved during my tenure as
CEO. Based on our progress to date, I remain confident that the
Company is well-positioned to execute on its strategic growth
initiatives as a world-class multi-indication neurostimulation
company under Dr. Parks.”
Dr. Parks has served as a Director of Nuvectra since March 2016.
He was most recently the President and Chief Executive Officer of
Analogic Corporation, a medical imaging and aviation security
company, from October 2016 to June 2018. Dr. Parks was also
the Chief Executive Officer of Enovate Medical from July 2015 until
October 2016. Prior to joining Enovate Medical, Dr. Parks
served as Chief Executive Officer of NDS Surgical Imaging, LLC from
August 2011 to 2013 and as Chairman and Chief Executive Officer of
Urologix, Inc. from May 2003 to February 2008. Prior to joining
Urologix, Dr. Parks served as President and Chief Executive
Officer of Marconi Medical Systems, which is currently part of
Philips Medical Systems. Through his career he has served as a
director of Analogic Corporation, Enovate Medical, NDS Surgical
Imaging, Urologix, EG&G, Inc. (now PerkinElmer), St. Jude
Medical and Steady State Imaging. Dr. Parks received a B.S. in
mechanical engineering from University of Missouri-Rolla, a M.S. in
mechanical engineering from the University of Arizona and a Ph.D in
mechanical engineering from the University of
Missouri-Columbia.
Mr. Chavez has over 30 years of leadership experience in
the medical device industry. He served as President, Chief
Executive Officer and Chairman of TriVascular Technologies, Inc.
from April 2012 through its merger with Endologix, Inc. in February
2016. Following the merger, he served as an Endologix
Director from February 2016 through June 2018. Mr. Chavez
also served as President of the Neuromodulation Division (NMD) of
St. Jude Medical Inc. from 2005 through 2011 following the
acquisition of Advanced Neuromodulation Systems Inc. by St. Jude
Medical in 2005. Prior, he served as CEO, President and
Director of ANSI from 1998 through 2005 and led ANSI/NMD through 14
years of profitable growth and innovation. In 1997, Mr.
Chavez served as Vice President, Worldwide Marketing &
Strategic Planning for the Health Imaging Division of the Eastman
Kodak Company. Mr. Chavez worked his first 15 years
(1981-1996) in the medical device industry at Johnson &
Johnson; most recently as Vice President and General Manager of the
Infection Prevention Business Unit of Johnson & Johnson Medical
Inc. He served on the board of directors of Advanced Medical Optics
Inc. from 2002 until it was acquired by Abbott Laboratories Inc. in
2009. He also previously served as Chairman of the Medical Device
Manufacturers Association, Chairman of the Dallas/Fort Worth Health
Industry Council and Director of the North Dallas Visiting Nurses
Association. Mr. Chavez received his Bachelor of Accountancy
from New Mexico State University and his M.B.A. from Harvard
Graduate School of Business.
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. 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 of our Credit Facility; and (xvii) our
ability to raise capital 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 Corporation
Walter Berger, COO & CFO
(214) 474-3102
wberger@nuvectramed.com
Investor Contacts:The Ruth
Group
Tram Bui / Brian Johnston(646) 536-7035 /
7028 investors@nuvectramed.com
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