Stimwave and Nevro Reach Settlement In Patent Infringement Lawsuit: Stimwave Agrees to a Permanent Injunction in Exchange for Dismissal of Lawsuit with No Damages Assessed

Stimwave Will Continue To Focus On Its Uniquely Differentiated Neuromodulation Technologies, Which Include Minimally Invasive, MRI-Compatible, and Battery-Free Pain Relief for the Entire Body. Stimwave Will Cease Commercialization of Spinal Cord Stimulation Products that Deliver Therapy Between 1,500 Hz and 100,000 Hz

POMPANO BEACH, Fla.--()--Stimwave Technologies, Inc., a global medical device company that provides minimally invasive, MRI-compatible, battery-free implantable devices to treat chronic pain, today announced the settlement of Nevro’s patent infringement lawsuit. As part of the settlement, Stimwave has agreed to cease commercialization of all high frequency spinal cord stimulation systems, globally, in exchange for dismissal of the lawsuit with no damages assessed. The settlement pertains exclusively to spinal cord stimulation (SCS) and does not affect in any way Stimwave’s commercialization of its peripheral nerve stimulation (PNS) products for chronic pain management.

For its spinal cord stimulation products only, Stimwave has agreed to a permanent injunction such that Stimwave’s spinal cord stimulation products will not deliver any therapy that includes pulse frequencies between 1,500 Hz and 100,000 Hz.

“The new management team at Stimwave is pleased to put this litigation from past management behind us,” said Paul LaViolette, Stimwave’s chairman and interim CEO. “We will continue to focus commercialization on the tiny form factor of our Freedom neurostimulators, which can be used throughout the body, eliminate the need for large internal batteries, and are fully MRI compatible. Those attributes are the key to our products’ consistent double-digit annual growth and potential to disrupt both the spinal cord and peripheral nerve neuromodulation market.”

About Stimwave Technologies, Inc.

Stimwave Technologies, Inc. is a privately held medical device company engaged in the development, manufacture, commercialization of wirelessly powered, injectable, microtechnology neurostimulators. These miniature neurostimulators provide patients with a convenient, safe, minimally invasive, and highly cost effective pain management solution. Stimwave’s goal is to evolve its patented, cutting edge platform to become the default for neuromodulation, increasing accessibility for patients worldwide while lowering the economic burden of pain management. www.stimwave.com

Contacts

Investor Contact:
Mark Klausner or Mike Vallie
Westwicke, an ICR Company
+1 443-213-0499
mike.vallie@westwicke.com
or
Media Contact:
Darcie Robinson
Westwicke, an ICR Company
+1 203-919-7905
darcie.robinson@icrinc.com

Contacts

Investor Contact:
Mark Klausner or Mike Vallie
Westwicke, an ICR Company
+1 443-213-0499
mike.vallie@westwicke.com
or
Media Contact:
Darcie Robinson
Westwicke, an ICR Company
+1 203-919-7905
darcie.robinson@icrinc.com