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.
PLANO, Texas, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Nuvectra (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) 474-3102
wberger@nuvectramed.com
Investor Contacts:
The Ruth Group
Tram Bui / Brian Johnston
(646) 536-7035 / 7028
investors@nuvectramed.com
