DALLAS, Oct. 15, 2015 /PRNewswire-iReach/ -- Nuviant Medical Inc. (“Nuviant” or “the Company”) announced today that debtholders from a previous Medtronic intellectual property acquisition have recently converted into common stock alongside an infusion of new capital from existing investors. The transaction values the Company at $48 million in advance of a Form 10 filing with the U.S. Securities and Exchange Commission expected early 2016. The Company is now debt-free and has existing government contracts to support development through the end of 2016.
Nuviant is a medical device development and manufacturing company commercializing a suite of neurostimulation devices for the treatment of a broad range of chronic neurological diseases. The Company’s lead product is based on a proprietary stimulation and recording technology engine that previously received CE approval for adjunctive alleviation therapy of movement disorder symptoms associated with Parkinson’s Disease.
“We are happy to have the support of a number of existing and new investors, along with the ongoing support of federal and state agencies,” says Nuviant CEO Will Rosellini. “We hope to continue to improve our investment hypothesis with ongoing product development successes, financial transparency as a fully-reporting public company, and stable, ongoing development contracts utilizing non-dilutive funding.”
Since it was founded in December 2014, Nuviant has acquired a number of patent portfolios as well as Synaptix, a fully-integrated manufacturing company. The company has begun clinical trials with nearly $9 million in non-dilutive funding via various government grants and contracts. This brings the total capital investment into the technology platform and clinical programs to nearly $40M.
Rosellini continued, “Our goal has been to become the leading closed-loop neuromodulation company in the world. We have been able to create tremendous value for patients and investors with minimal at-risk capital, and we will continue to focus on our patient-optimized enabling technologies.”
About Nuviant Medical, Inc. - Nuviant Medical is a medical device company that has developed an innovative, evidence-based, closed-loop neuromodulation platform for the treatment of chronic neurological diseases. The Synapse system is the only system that can deliver 32 channels of stimulation while simultaneously recording neural signals. The Synapse previously received CE approval for adjunctive alleviation therapy of movement disorder symptoms and is being further developed for commercialization in Europe and the US. For more information on Nuviant Medical, please visit our website at www.nuviantmedical.com
Forward-Looking Statements: This news release contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “believes,” “intends,” “estimates,” “anticipates” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the company’s growth strategy, product development, regulatory approval, market position, anticipated benefits of acquisitions, timing of anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures and financial results, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; ability to protect and enforce the company’s intellectual property rights; successful integration of acquired businesses and separation of under-performing or non-strategic assets or businesses. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
Media Contact:Beth Rosellini, Nuviant Medical, Inc., 18889066876, info@nuviantmedical.com
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SOURCE Nuviant Medical, Inc
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