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PLANO, Texas, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Nuvectra Corporation (NASDAQ: NVTR), a neurostimulation medical device company, announced today the appointment of Ben Tranchina as Chief Technology Officer (CTO), effective August 24, 2018. Mr. Tranchina has over 25 years of industry experience and most relevantly served as VP, Product Development at St. Jude Medical, where he led the development of the company’s neuromodulation portfolio, following his time at Advanced Neuromodulation Systems, Inc.
Mr. Tranchina will replace the Company’s current CTO, Dr. Norbert Kaula, who announced his intention to resign to pursue other interests, effective August 17, 2018.
Scott Drees, CEO, commented, “I am excited to welcome Ben to the Nuvectra team, and to work closely with him again following our years together at Advanced Neuromodulation Systems Inc. and St. Jude Medical. We believe that his extensive neuromodulation experience will be highly relevant as we advance our platform technology. We anticipate a seamless transition and would like to take the opportunity to thank Dr. Norbert Kaula for his accomplishments through his nine years of service to the company, and wish him continued success in his future endeavors.”
Ben Tranchina has more than 25 years of experience in technology business leadership for early-stage and multi-national commercial companies, and approximately 30 issued or pending patents relevant to neuromodulation. Most importantly, Mr. Tranchina served in various leadership roles for nine years at Advanced Neuromodulation Systems, Inc. and St. Jude Medical, where he led the development of nine first-to-market products.
Most recently, Mr. Tranchina was the Chief Technology Officer of Neurotechnology Innovations Translator (NIT), LLC, a privately held company which develops and commercializes neurotechnology solutions. During his tenure at NIT, he also served as CEO for NIT portfolio company, Veressa Medical, where he led development of an innovative peripheral nerve stimulation system for the treatment of pelvic floor dysfunction and peripheral pain. Mr. Tranchina holds Bachelor's and Master's degrees in Electrical Engineering from the University of Texas at Dallas, specializing in Microelectronic Circuits and Systems.
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. 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 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, including trailing six month revenue milestones, of our Credit Facility; and (xvii) our ability to raise capital through means other than or in addition to the Credit Facility 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.
Walter Berger, COO & CFO
The Ruth Group
Tram Bui / Brian Johnston
(646) 536-7035 / 7028