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Nuvectra to sell animal research related medical device unit for $5M

Medical device maker Nuvectra Corp. agreed to sell its wholly owned unit, NeuroNexus Technologies Inc., to NEL Group Inc. for $5 million in cash.

NeuroNexus manufactures devices for conducting brain-related clinical research in animals.

NEL Group, which entered the sale agreement with Nuvectra effective Dec. 31, 2018, is affiliated with certain former employees of NeuroNexus.

Plano, Texas-based Nuvectra makes a neurostimulation device to treat chronic intractable pain of the trunk and limbs.

The divestiture will help the company focus resources on its neuromodulation technology, which is being developed to treat overactive bladder and Parkinson's disease, said Nuvectra CEO Scott Drees.