Greatbatch filed a Form 10 registration statement with the U.S. Securities and Exchange Commission for a spin-off of its neuromodulation subsidiary, QiG Group.
Here are five observations:
1. The company's proposed tax-free spin-off of QiG Group will be called Nuvectra after the process is complete.
2. Nuvectra will be a neuromodulation medical device company initially focused on the development and commercialization of a neurostimulation technology platform.
3. Joseph A. Miller, Jr., PhD, has been named director and chairman of the board of Nuvectra. He served on Greatbatch's board of directors but will step to take up his new role with Nuvectra.
4. Scott Drees has been named as Nuvectra's CEO. He previously served as neuromodulation portfolio manager for QiG Group.
5. The spin-off is expected to be completed by the end of 2015. However, it is subject to a number of considerations including final approval of Greatbatch's board of directors.