PLANO, Texas, Nov 13 (Bernama-GLOBE NEWSWIRE) — Nuvectra Corporation (NASDAQ: NVTR) (“Nuvectra” or the “Company”), a neurostimulation medical device company, today announced that it has elected to file a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Texas (the “Court”). The Company intends to use this Court-supervised process to continue its review of a range of options to maximize value and address its financial obligations. The Board of Directors and management team continue to believe that the Company and its assets have considerable value and are exploring a range of options, including a sale of the Company as a whole, of the Algovita Spinal Cord Stimulation System (“Algovita”), of Virtis® or of specified assets.
Furthermore, Nuvectra is committed to supporting existing patients using Algovita, as well as the physicians, clinicians and facilities treating patients with Algovita. The safety and functionality of Algovita will not be impacted by the Court-supervised process. The Company is currently suspending its support of future implants until the Company’s path forward is determined and recommends physicians cease any new implantations, as well as trial procedures and clinical studies in progress, until that time.