Nevro has acquired medical technology company Vyrsa Technologies in a deal valued at around $75m.
As per the transaction, Nevro made a $40m payment at closing and committed up to an additional $35m, either in cash or stock, based on reaching specific milestones in development and sales.
Nevro CMO David Caraway said: “Vyrsa's comprehensive product suite allows physicians to tailor therapy to specific patient needs. Their innovative implants provide optimal stability and enhance the opportunity for the SI joint to fuse, providing relief to patients suffering from chronic SI joint pain.”
Vyrsa specialises in providing a less invasive treatment for individuals with chronic SI joint pain.
Established in 2021, it is claimed to be the only SI joint company that produces and supports a complete portfolio of FDA-approved SI joint fusion devices.
Vyrsa's range of devices enables physicians to use Category I CPT codes for SI joint fusion procedures at all approved service locations.
Nevro CEO Kevin Thornal said: “The acquisition of Vyrsa leverages Nevro's ability to drive long-term shareholder value by accelerating our key strategic initiatives of commercial execution, market penetration, and profit progress.
“Vyrsa offers differentiated implants to our current call point of physicians that will help drive growth. We are ecstatic to be able to bring long-term pain relief to the 15%-30% of people suffering with chronic low back pain associated with the SI joint.”
Nevro has also finalised a six-year, $200m term loan credit facility. The funds obtained will be used to repurchase a significant portion of its 2025 convertible notes and for general corporate purposes and working capital.
In April 2023, Nevro recruited the first patient in the Painful Diabetic Neuropathy (PDN) Sensory Study to assess the restoration of neurological function in patients with intractable PDN.
