Nexeon Receives "NXNN" Ticker Symbol from FINRA and Raises $1.165M
DALLAS, Aug. 9, 2017 /PRNewswire/ -- Nexeon MedSystems, Inc. (OTCQB:NXNN) announced it has received its ticker symbol from FINRA and will begin regular way trading on the OTCQB under NXNN once it becomes DTC eligible. The Company has applied to uplist to the OTC market QX exchange. The companies found on OTCQX are distinguished by the integrity of their operations and diligence with which they convey their qualifications.
To qualify for the OTCQX market, companies must meet high financial standards, follow best practices for corporate governance, demonstrate compliance with U.S. securities laws, and have a professional, third-party sponsor introduction. Companies in bankruptcy or entities or companies that could be identified as "penny stocks" or "shells" cannot qualify for OTCQX.
In conjunction with this event, the Company closed its current financing round after raising $1.165M. Manchester Fund led the financing round. Previous investors in Nexeon include Boston Scientific, Surmodics, Abbott Ventures, Santa Maria Investments, Yorkville MGB Investments, Ballard Investments, Unidym, HealthTech Wildcatters, among others.
"Direct listings – where a company starts selling its stock on the public markets without raising money at the same time – are not new, but they're extremely rare," said Nexeon Chairman and CEO Will Rosellini. "We are fortunate to have a strong group of strategic investors, doctors, and scientists who understand our vision and took the chance on an unconventional path to the public markets."
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 working in parallel. Established US and EU reimbursement pathways dictate that the Company will be able to generate revenue from initial device launch.
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.
Forward-Looking and Cautionary Statements: Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Nexeon undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include Nexeon's ability to successfully complete on the terms and conditions contemplated, and the financial impact of, its strategic portfolio repositioning actions, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, and competitive and technological factors, among others, as set forth in Nexeon's subsequent reports filed with the SEC.
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SOURCE Nexeon MedSystems Inc.
Released August 9, 2017