Stimwave Technologies Provides Business Update

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June 24, 2021 10:00 UTC

POMPANO BEACH, Fla.--(BUSINESS WIRE)-- Stimwave Technologies Incorporated, a global medical device company that provides minimally invasive, MRI-compatible implantable devices to treat chronic pain for more patients, today provided a business update.

Recent Highlights

  • Continued growth acceleration in Peripheral Nerve Stimulation (PNS) and Spinal Cord Stimulation (SCS)
  • Received multiple favorable litigation outcomes related to IP portfolio and technology ownership
  • Completed commercial launch of upgraded Freedom Spinal Cord Stimulation and Peripheral Nerve Stimulation HF-EMC driven platforms, bringing extended battery life, enhanced software connectivity and value-added quality improvements to the market
  • Trained over 1,000 healthcare providers virtually and in lab settings through the first half of 2021
  • Announced participation in upcoming industry events including ASIPP, NANS, and ASPN

“I am incredibly proud of the accelerated growth and transformation our organization has been able to achieve over the last 14 months during what was an extremely challenging macroeconomic environment that included an ongoing global pandemic. We have been able to successfully drive the rapid adoption of our PNS technology and continue to grow our SCS business while at the same time attract market leading talent throughout Stimwave and working through a number of headwinds,” said Aure Bruneau, Stimwave’s Chief Executive Officer. “Looking ahead, we will continue to drive the adoption of our SCS and PNS platforms through the growth of our global commercial organization, medical education, R&D innovation and acceleration of our ongoing clinical data development.”

Favorable Litigation Outcome

We are excited to announce that Stimwave Technologies has prevailed in the challenge by Micron Devices LLC (Micron) regarding the Company’s ownership of its intellectual property, StimQ Medical LLC subsidiary equity, and various other assets. The Company reached a settlement with Micron which was confirmed in court, resulting in final and clear confirmation of the Company’s ownership of its core intellectual property assets, including substantial ownership of its subsidiary StimQ Medical LLC.

Upgraded Product Launches

In June, the Company completed the full commercial launch of its updated PNS and SCS products. The upgraded versions of both the PNS and SCS platforms incorporate an upgraded power supply which further extends the length of time needed between charges, as well as enhanced software connectivity. This upgraded technology is manufactured within the Company’s recently expanded manufacturing operation center. All of which brings valued-added quality to our customers and patients.

Continuing the Development of Clinical Evidence

To support the continued adoption of its SCS and PNS products, the Company is planning to launch several successive SCS and PNS clinical trials starting in Q3 2021 that are designed to deliver Level 1 clinical evidence across multiple areas of the body.

Organizational Restructuring and Development of Operational Excellence

The Company has completed a restructuring of its management and operational team to build out its operational capabilities. Within the last year, the Company has added significantly to key areas of the business including, compliance, quality, regulatory, accounting, legal, manufacturing operations, R&D and medical education.

Upcoming Industry Event Participation

The Company will be participating in a number of upcoming industry conferences, where the Freedom SCS and PNS technology and clinical data will be presented.

  • American Society of Interventional Pain Physicians (ASIPP) 23rd Annual Meeting
    • June 24-26, 2021
    • New Orleans, LA
    • For more information, please visit booth #302
  • North American Neuromodulation Society (NANS) Mid-Year Meeting
    • July 15-17, 2021
    • Orlando, FL
    • For more information, please visit booth #919
  • The American Society of Pain & Neuroscience (ASPN) Third Annual Conference
    • July 22-25, 2021
    • Miami, FL
    • For more information, please visit booth #2A

About Stimwave Technologies Incorporated

Stimwave Technologies Incorporated is a privately held medical device company engaged in the development, manufacture, commercialization of wirelessly powered, injectable, microtechnology neurostimulators. These miniature neurostimulators provide patients with a convenient, safe, minimally invasive, and highly cost-effective pain management solution. The Company’s goal is to evolve its patented, cutting edge platform to become the default for neuromodulation, increasing accessibility for patients worldwide while lowering the economic burden of pain management. www.stimwave.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005328/en/

Contacts

Investor Contact:
Mike Vallie
Westwicke, an ICR Company
+1 443-213-0499
mike.vallie@westwicke.com

or

Media Contact:
Darcie Robinson
Westwicke, an ICR Company
+1 203-919-7905
darcie.robinson@icrinc.com

Source: Stimwave Technologies Incorporated

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