Nuvectra® Exploring Strategic Options to Enhance Shareholder Value
August 26, 2019 16:05 ET | Source: Nuvectra Corporation
PLANO, Texas, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Nuvectra Corporation (NASDAQ: NVTR), a neurostimulation medical device company, today announced that its Board of Directors has decided to explore potential strategic alternatives to enhance shareholder value. The Company is currently evaluating all options, including a sale or merger of the Company, to finance the expected growth of the Nuvectra business.
Anthony Bihl, Chairman of the Board, commented, "We are thankful to our employees for their hard work in support of our mission and proud of all that our team has accomplished in our short history. We are also very grateful to our physician customers who place their confidence in our Company and technology. The Board continues to support the Company’s ongoing efforts to execute initiatives put in place to reinvigorate growth; however, the Board believes that it is also in the best interest of the Company and its shareholders to actively seek strategic alternatives, including a sale or merger of the Company in order to best assure future innovation, product commercialization and growth. We believe in the value and potential of the Algovita® product and the broader platform technology including a pending Virtis® U.S. approval, and are intently focused on maximizing shareholder value.”
Fred Parks, Chief Executive Officer, commented, “As we go through this process, we remain committed to providing physicians with world-class neurostimulation technology that improves the lives of patients and to assisting them in supporting their patients. We also remain committed to continuing to innovate to further improve and advance our technology while we pursue U.S. regulatory approval for Algovita full-body MRI compatibility, Virtis, and other projects. We strongly believe that our technology has meaningful clinical advantages to compete in the large Spinal Cord Stimulation market to treat chronic pain and the Sacral Nerve Stimulation market to treat overactive bladder and incontinence. To ensure that we are best positioned to execute on this goal, we are working closely with our advisors to consider all avenues to preserve and enhance shareholder value.”
No assurance can be given regarding the outcome or timing of the strategic review process. Nuvectra does not intend to make any further public comment regarding the strategic review process until it has been completed or the Company determines that disclosure is required or beneficial.
The Company anticipates engaging Piper Jaffray as its financial advisor.
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