PLANO, Texas, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Nuvectra Corporation (NASDAQ: NVTR), a neurostimulation medical device company, announced today that it has entered into an agreement effective December 31, 2018, to sell its wholly owned subsidiary NeuroNexus Technologies, Inc. to NEL Group, Inc., an entity affiliated with certain former employees of NeuroNexus, for $5.0 million in cash. NeuroNexus will operate as a separate entity following the sale. NeuroNexus designs, manufactures and markets neural-interface technologies for the neuroscience clinical animal research market.

Scott Drees, Chief Executive Officer, commented, “We appreciate the contributions made by Daryl Kipke and the NeuroNexus team over the past years, and for their work to advance neuroscience technologies. We wish them great success and believe that the divestiture will allow Nuvectra to further focus its resources on our neuromodulation commercial growth strategies.”

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. Visit the Nuvectra website at www.nuvectramed.com