Nuvectra Corporation (Common Stock: NVTR), a Plano, Texas-based public medical device company focused on the development and commercialization of a neurostimulation technology platform for the treatment of chronic pain, received a $45m term loan.
Backers included Oxford Finance and Silicon Valley Bank.
The facility is comprised of a $40m senior secured term loan and a $5m line of credit.
The company intends to use the funds to finance the recent spin-off from its parent company, Greatbatch, Inc., and to establish a market presence in the United States for its first product, Algovita®.
Nuvectra is a neurostimulation company offering Algovita®, a CE marked and FDA spinal cord stimulation system approved for the treatment of chronic pain of the trunk and/or limbs. Its technology platform also has capabilities under development to support other neurological indications such as sacral nerve stimulation (SNS), and deep brain stimulation (DBS). In addition, the NeuroNexus subsidiary designs, manufactures and markets neural-interface technologies for the neuroscience clinical research market.