Nuvectra Corp. (NASDAQ: NVTR) shares were crushed on Monday after the company announced an update on its U.S. Food and Drug Administration (FDA) premarket approval (PMA) application and its TÜV SÜD application for CE Mark in Europe for Virtis.

This update is for Virtis, the company’s Sacral Neuromodulation (SNM) System for the treatment of chronic urinary retention and the symptoms of overactive bladder.

As part of its review of the Virtis PMA original application and the amendment submitted in April 2018, the FDA recently requested that the company provide supplemental information related to any modifications or changes to the Virtis device, labeling and manufacturing, as well as clarifications of data related to MRI.

Nuvectra has been in active communications with the FDA and intends to promptly file comprehensive responses to address the FDA’s requests. The FDA will then have up to 180 days to review the responses. The company plans to work proactively with the FDA to complete the review process as soon as possible.

Also, TÜV SÜD recently informed the firm that clinical study data will be required before it can recommend approval of CE Mark for the Virtis system.

Scott Drees, CEO, commented:

Our primary focus is gaining FDA approval of the Virtis system in order to both provide therapy to patients and to address the significant market opportunity for SNM in the U.S. We remain encouraged by our recent interactions with the FDA and believe that our responses will adequately address the FDA’s requests.  We are pleased that our facility and pre-PMA audit have been completed without findings. We will continue to work cooperatively with the FDA to conclude the review of our application expeditiously and look forward to entering the U.S. SNM market as soon as possible following FDA approval.

Shares of Nuvectra were last seen down more than 20% at $16.29, with a consensus analyst price target of $20.50 and a 52-week range of $7.60 to $23.66.

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