Dallas, TX –(BUSINESS WIRE)– Nexeon MedSystems, Inc (”Nexeon”) (OTCQB: NXNN), a neurostimulation medical device company, announced that in response to the impact of the global COVID-19 pandemic on its ability to secure financing, the Company will cease operations and wind-down its ongoing clinical study utilizing auricular vagus nerve stimulation to alleviate atrial fibrillation. The Company’s Board of Directors began evaluating strategic alternatives and decided to pursue an orderly wind down of the Company’s operations. The Board will look to strategic alternatives for the remaining assets.
About Nexeon MedSystems Inc: Nexeon Medsystems, Inc. is a medical device company focused on providing innovative neurostimulation products that are designed to 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 Statements: Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from prevailing market conditions and the impact of general economic industry or political conditions in the United States or globally. A list and description of these and ,other risk factors can be found in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission which can be reviewed at www.sec.gov. We make no representation or warranty that the information contained herein is complete and accurate, and we have no duty to correct or update any information contained herein.