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Orthofix Secures Option to Acquire Migraine Device Maker eNeura
31 March 2015 - US-based medical device company Orthofix International N.V. (NASDAQ: OFIX) has entered into an option agreement that provides the company with an 18-month option to acquire Transcranial Magnetic Stimulation device specialist eNeura, Inc., the company said on Tuesday.

TMS devices are used as a portable, non-invasive for the treatment of migraine headache.

In May 2014, eNeura received US Food and Drug Administration 510(k) clearance for its SpringTMS migraine treatment device.

SpringTMS is the first medical device available to patients in the United States for the acute treatment of pain associated with migraine headache with aura.

In consideration for the option to acquire eNeura, Orthofix has agreed to provide a USD 15m collateralised loan to support commercialization of SpringTMS in the United States and Europe.

If the option to purchase eNeura is exercised, Orthofix will pay USD 65m to consummate the merger and eNeura will repay to Orthofix the unpaid principal payable under the loan. In addition, Orthofix may make future milestone and royalty payments to eNeura.

Wells Fargo Securities served as financial advisor to eNeura.

Orthofix International N.V. is a diversified, global medical device company headquartered in Lewisville, TX. The company has four strategic business units that include BioStim, Biologics, Extremity Fixation and Spine Fixation.
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