03.31.15
Orthofix International N.V. has entered into a deal to buy eNeura Inc., which makes portable, non invasive Transcranial Magnetic Stimulation (TMS) devices for the treatment of migraine headache.
In May 2014, eNeura received U.S. Food and Drug Administration (FDA) 510(k) clearance for its SpringTMS migraine treatment device. SpringTMS provides acute treatment of pain associated with migraine headache with aura.
In consideration for the option to acquire eNeura, Orthofix has agreed to provide a $15 million collateralized loan to support commercialization of SpringTMS in the United States and Europe. If the option to purchase eNeura is exercised, Orthofix will pay $65 million to consummate the merger and eNeura will repay to Orthofix the unpaid principal payable under the loan. In addition, Orthofix may make future milestone and royalty payments to eNeura.
“This agreement underscores Orthofix’s commitment to pursue new growth opportunities in its BioStim strategic business unit that leverage our core competencies in pulsed electromagnetic field (“PEMF”) product design and manufacturing as well as our third party billing expertise,” said president and CEO Brad Mason. “We believe eNeura’s exciting application of electromagnetic field technology delivers a therapy that addresses a significant unmet need for patients and clinicians in the treatment of migraine headache.”
“Orthofix is an ideal partner for eNeura to expand commercial availability of SpringTMS to migraine patients in the United States and Europe,” commented David K. Rosen, M.D., DVM, president and CEO of eNeura. “We look forward to utilizing this financing to advance our product development and commercialization strategy for SpringTMS.”
Orthofix is headquartered in Lewisville, Texas. The company has four strategic business units: BioStim, Biologics, Extremity Fixation and Spine Fixation.
In May 2014, eNeura received U.S. Food and Drug Administration (FDA) 510(k) clearance for its SpringTMS migraine treatment device. SpringTMS provides acute treatment of pain associated with migraine headache with aura.
In consideration for the option to acquire eNeura, Orthofix has agreed to provide a $15 million collateralized loan to support commercialization of SpringTMS in the United States and Europe. If the option to purchase eNeura is exercised, Orthofix will pay $65 million to consummate the merger and eNeura will repay to Orthofix the unpaid principal payable under the loan. In addition, Orthofix may make future milestone and royalty payments to eNeura.
“This agreement underscores Orthofix’s commitment to pursue new growth opportunities in its BioStim strategic business unit that leverage our core competencies in pulsed electromagnetic field (“PEMF”) product design and manufacturing as well as our third party billing expertise,” said president and CEO Brad Mason. “We believe eNeura’s exciting application of electromagnetic field technology delivers a therapy that addresses a significant unmet need for patients and clinicians in the treatment of migraine headache.”
“Orthofix is an ideal partner for eNeura to expand commercial availability of SpringTMS to migraine patients in the United States and Europe,” commented David K. Rosen, M.D., DVM, president and CEO of eNeura. “We look forward to utilizing this financing to advance our product development and commercialization strategy for SpringTMS.”
Orthofix is headquartered in Lewisville, Texas. The company has four strategic business units: BioStim, Biologics, Extremity Fixation and Spine Fixation.