Alphatec Spine Completes Asset Acquisition of Irvine, CA-Based Phygen LLC
07 Novembre 2012 - 1:35PM
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., announced today that it has closed its
acquisition of certain assets of Phygen LLC.
"We are very pleased and excited to close this important
transaction and bring these two companies together. It is truly a
synergistic fit and a transformational event for both
organizations," said Les Cross, Chairman and Chief Executive
Officer of Alphatec Spine. "As I promised when I became CEO earlier
this year, Alphatec Spine is focused on becoming more market-driven
and customer-focused in order to strengthen sales and
profitability. We are taking steps to launch new products, enhance
the productivity of our sales force and distribution network, and
target more surgeon-customers. Simultaneously, we are supporting
these activities with operational improvements designed to lower
our cost structure.
"With this transaction, we believe we have significantly
strengthened our capabilities to succeed with our strategy. Phygen
should bring us an enhanced product development process driven by
their Scientific Advisory Board and a broad portfolio of
complementary products. We are eager to leverage the strengths of
both companies to deliver greater value to spine surgeons in 2013.
In addition, I am pleased to welcome Tom Gardner and his
experienced leadership team to Alphatec."
Tom Gardner, Chief Executive Officer of Phygen, said "Phygen has
over 100 active spine surgeons, many of whom have been directly
involved in developing new innovations and product enhancements
that have enabled Phygen to establish a broad and unique line of
spinal implant solutions. This transaction will provide Alphatec
with access to these innovations. In addition, I feel as though our
engineering capabilities complement Alphatec's, which should
accelerate the cycle of innovation. At the same time, Phygen's
member-surgeons will have access to Alphatec's dynamic product
line.
"A prerequisite for success in today's healthcare market is fast
and cost-effective product innovation. When the respective
management teams discussed the benefits of this transaction, we
focused on the potential upside of combining the innovation
capabilities of the Phygen surgeons with the engineering,
manufacturing and distribution proficiencies of Alphatec. This
promises to be a very exciting time for the shareholders of both
companies."
A description of the material terms of the transaction were set
forth in a Form 8-K that was filed with the SEC on October 25,
2012.
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec
Holdings, Inc. (Nasdaq:ATEC). Alphatec Spine is a medical device
company that designs, develops, manufactures and markets products
for the surgical treatment of spine disorders, primarily focused on
the aging spine. The Company's mission is to combine
world-class customer service with innovative, surgeon-driven
products that will help improve the aging patient's quality of
life. The Company is poised to achieve its goal through new
solutions for patients with osteoporosis, stenosis and other aging
spine deformities, improved minimally invasive products and
integrated biologics solutions. In addition to its U.S.
operations, the Company also markets its products in over 50
international markets through its affiliate, Scient'x S.A.S., via a
direct sales force in France, Italy and the United Kingdom and via
independent distributors in the rest of Europe, the Middle East and
Africa. In Latin America, the Company conducts its business through
its subsidiary, Cibramed Produtos Medicos. In Japan, the
Company markets its products through its subsidiary, Alphatec
Pacific, Inc. In the rest of Asia and Australia, the Company
sells its and Scient'x's products through its and Scient'x's
distributors.
The Alphatec Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3520
Forward Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainty. Such statements are
based on management's current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Alphatec Spine cautions investors that there can be no
assurance that actual results or business conditions will not
differ materially from those projected or suggested in such
forward-looking statements as a result of various factors. Forward
looking statements include references to Alphatec Spine's
strategies to strengthen sales and earnings; Phygen's financial
contributions to Alphatec's financial results in 2013; Phygen
synergies with product development and engineering that shorten the
product innovation cycle; and reductions in the Company's
manufacturing costs and operating expenses from operational
improvements. The words "believe," "will," "should," "expect,"
"intend," "estimate" and "anticipate," variations of such words and
similar expressions identify forward-looking statements, but their
absence does not mean that a statement is not a forward-looking
statement. The important factors that could cause actual operating
results to differ significantly from those expressed or implied by
such forward-looking statements include, but are not limited to;
the materialization of the anticipated benefits from the Phygen
transaction; the uncertainty of success in developing new products
or products currently in Alphatec Spine's pipeline; failure to
achieve acceptance of Alphatec Spine's products by the surgeon
community, including the Phygen surgeons discussed in this press
release; failure to successfully implement streamlining activities
to create anticipated savings; failure to successfully begin
in-house manufacturing of certain products; failure to obtain FDA
clearance or approval for new products, or unexpected or prolonged
delays in the process; Alphatec Spine's ability to develop and
expand its U.S. and/or global revenues; continuation of favorable
third party payor reimbursement for procedures performed using
Alphatec Spine's products; unanticipated expenses or liabilities or
other adverse events affecting cash flow or Alphatec Spine's
ability to successfully control its costs or achieve profitability;
uncertainty of additional funding; Alphatec Spine's ability to
compete with other competing products and with emerging new
technologies; product liability exposure; failure to meet all
financial obligations in the Cross Medical Settlement or its credit
agreement; patent infringement claims and claims related to
Alphatec Spine's intellectual property. Please refer to the risks
detailed from time to time in Alphatec Spine's SEC reports,
including its Annual Report Form 10-K for the year ended December
31, 2011, filed on March 5, 2012 with the Securities and Exchange
Commission, as well as other filings on Form 10-Q and periodic
filings on Form 8-K. Alphatec Spine disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless required by law.
CONTACT: Investor/Media Contact:
Mark Francois
Senior Director, Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
mfrancois@AlphatecSpine.com
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