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Nuvectra's board exploring strategic alternatives including sale, merger

Nuvectra Corp.'s board has decided to explore potential strategic alternatives, including a sale or merger, to finance the expected growth of business and enhance shareholder value.

Nuvectra's stock price was up 20.28% to $1.72 in after-hours trading Aug. 26.

Plano, Texas-based Nuvectra manufactures and markets a neurostimulation technology platform for the treatment of various disorders in neuroscience and clinical markets. Its spinal cord stimulation device Algovita is approved by the U.S. Food and Drug Administration for use during a head MRI scan and to treat chronic intractable pain of the trunk and limbs.

Nuvectra CEO Fred Parks said the company's technology has meaningful clinical advantages to compete in the spinal cord stimulation market to treat chronic pain and the nerve stimulation market to treat overactive bladder and lack of control over urination. "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," he added.

There is no assurance regarding the outcome or timing of the strategic review process, the medical device company noted in Aug. 26 press release.

Nuvectra expects to engage Piper Jaffray as its financial adviser in the process.

Nuvectra agreed to sell its unit NeuroNexus Technologies Inc. to NEL Group Inc. in January for $5 million in cash to focus resources on its neuromodulation technology, which is being developed to treat overactive bladder and Parkinson's disease. NeuroNexus manufactures devices for conducting brain-related clinical research in animals.