Nexeon MedSystems "OTCQB:NXNN" Acquires Belgian Manufacturer
Additional capacity will support Company's current commercial product manufacturing needs
LIEGE, Belgium, Sept. 6, 2017 /PRNewswire/ -- Nexeon MedSystems ("Nexeon" or "the Company") (OTCQB: NXNN) announced today that it has exercised its option to acquire Nexeon Medsystems Belgium, SPRL ("NMB"). This Belgian-based company has been operating since 2013 developing neurostimulation products. NMB recently acquired Medi-Line, a Belgian medical device manufacturer with financing support provided by KBC and CBC Bank. Medi-Line has expertise in active and non-active implants, and it has been profitable for its complete 25-year corporate history. For more information about the transaction, please review the Form 8-K.
"We have focused our careers on building a company with a reputation for consistent and high quality delivery, a community-based team of talented employees, and well-executed long-term international contracts," said Medi-Line founder Henri DeCloux. "We've been working with Nexeon and other neurostimulation companies on various components of their devices for a number of years now."
Medi-Line currently serves 34 medical device customers in 16 countries including multi-year contracts with Fortune 500 companies. The Belgian manufacturer owns state-of-the-art facilities, which features two validated clean rooms (one assembly cleanroom Class ISO 7 or C and one extrusion/injection molding cleanroom Class ISO 8 or D) and 600m2 of production space.
"Upon closing, we have no intentions of changing the business," said Nexeon Chairman and CEO Will Rosellini. "But rather, our focus will be on utilizing Mediline's expertise to expedite our neurostimulation product launches and support our growing business providing platform technology to other neurostimulation companies such as Galvani Bioscience and collaborators via the NIH SPARC program. This is the fourth investment we have made in Belgium, which is considered a hotbed of innovation in neurostimulation."
Most recently, NMB and Mediline have received a subsidy from the Region Walloone and BioWin, which continues a long history of Rosellini's investment in the Walloone Region. The Company's CEO explained that the additional capacity and expertise provided by Medi-Line will de-risk its first product launch and dramatically shorten the time to market for a second product line.
The Company is in final stages of product development prior to European regulatory approval submission for its deep brain neurostimulation system for the treatment of symptoms associated with Parkinson's disease. The Company has previously identified a 2018 European commercial launch of this product with a US PMA trial enrolling in parallel.
About Nexeon MedSystems Inc: Nexeon Medsystems, Inc. is a global medical device company focused on providing innovative neurostimulation products that improve the quality-of-life of patients suffering from debilitating neurological diseases. Nexeon has developed and commercialized a neurostimulation system that can be utilized to treat a variety of neurological diseases.
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