PLANO, Texas, June 5, 2015 (GLOBE NEWSWIRE) -- Algostim, LLC, a subsidiary of Greatbatch, Inc.'s QiG Group, today announced that it will now do business as Nuvectra – a medical device company commercializing the Algovita Spinal Cord Stimulation (SCS) system to treat chronic intractable pain of the trunk and/or limbs.
"Nuvectra is focused on new ideas and approaches to implantable medical devices that improve the overall safety, efficacy, and usability for clinicians and patients," said Tom Hickman, Executive Vice President for Greatbatch's Nuvectra subsidiary. "The INS 12th World Congress is a perfect venue for us to introduce Nuvectra to the neuromodulation physician community."
The Algovita SCS system has received CE mark and is currently in limited release in Europe. The system has been submitted to the FDA and the company anticipates approval in the second half of 2015.
Greatbatch recently announced a proposed tax-free spin-off of Algostim, LLC, d.b.a. Nuvectra. The spin-off is expected to be completed by the end of 2015, but remains subject to final approval of the Greatbatch Board of Directors, confirmation of the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement to be filed with the U.S. Securities and Exchange Commission, among other conditions.
The INS 12th World Congress will take place at the Fairmont Queen Elizabeth Hotel in Montreal, Quebec, Canada, on June 6-11, 2015. Nuvectra can be found at booth 28 in the Congress exhibit hall.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE:GB) provides top-quality technologies to industries that depend on reliable, long-lasting performance through its brands Greatbatch Medical, Electrochem and QiG Group. The company develops and manufactures critical medical device technologies for the Cardiac, Neurostimulation, Vascular and Orthopaedic markets; and batteries for high-end niche applications in the portable medical, energy, military, and environmental markets. Additional information is available at www.greatbatch.com.