SAN DIEGO, Nov. 8 NuVasive, Inc. (Nasdaq: NUVA),a medical device company focused on developing products for minimallydisruptive surgical treatments for the spine, announced today plans torelocate to a new campus style headquarters in San Diego during the first halfof 2008.
The new campus environment provides NuVasive with increased infrastructureto accommodate its rapidly growing workforce, support enhanced training andtesting facilities, and provide a foundation for expanded clinical use ofXLIF(R), broadened product offerings, and other strategic growth initiatives.
NuVasive's long term plan is to occupy three buildings on the campus, twoof which currently exist and the third to be constructed (and leased) atNuVasive's option. One existing building will be dedicated to research,product development, marketing and surgeon training activities. The secondbuilding will house the Company's administrative functions as well as salesand corporate training. The anticipated third building will provide expansionspace for NuVasive's growth and would bring the total campus square footage toapproximately 300,000.
The complex, located within four miles of NuVasive's current headquartersin San Diego, will allow all of the San Diego-based shareowners to work in onelocation, an important component for furthering the Company's cultural valuesof speed and responsiveness. The Company will be leasing the buildings over aterm of fifteen years, with an option to extend the term.
Alex Lukianov, Chairman and Chief Executive Officer, said, "NuVasive hasclearly experienced robust growth over the past several years and we expect tomaintain this momentum. We believe the relocation into this new campus is anecessary component of our infrastructure growth to provide a strongfoundation for our continued expansion. Importantly, the new campus will allowus to leverage our unique culture of Absolute Responsiveness(R) in order tomeet the growing demand for our technology. Our shareowners' focus onremaining one step ahead of the competition has been a key part of our growth,and this new environment allows us to expand that focus. Our goal remains tobecome a major force in the spine industry by reaching $500 million inrevenues over the next several years. This new campus will provide ample roomto grow beyond the next decade."
NuVasive is a medical device company focused on the design, developmentand marketing of products for the surgical treatment of spine disorders. TheCompany's product portfolio is focused on applications in the over $3.6billion U.S. spine fusion market. The Company's current principal productoffering includes a minimally disruptive surgical platform called MaximumAccess Surgery, or MAS(TM), as well as a growing offering of cervical andmotion preservation products.
The MAS platform offers advantages for both patients and surgeons such asreduced surgery and hospitalization time and faster recovery. MAS combinesthree categories of current product offerings: NeuroVision(R) a proprietarysoftware-driven nerve avoidance system; MaXcess(R) a unique split-blade designretraction system; and specialized implants, like SpheRx(R) and CoRoent(R),that collectively minimize soft tissue disruption during spine surgery whileallowing maximum visualization and surgical reproducibility. NuVasive'sproduct offering is also focused on cervical internal fixation products andits R&D pipeline emphasizes both MAS and motion preservation.
NuVasive cautions you that statements included in this press release thatare not a description of historical facts are forward-looking statements thatinvolve risks, uncertainties, assumptions and other factors which, if they donot materialize or prove correct, could cause NuVasive's results to differmaterially from historical results or those expressed or implied by suchforward-looking stateme