Alphatec Holdings, Inc. (Nasdaq:ATEC), a provider of innovative
spine surgery solutions with a mission to improve patient lives
through the relentless pursuit of superior outcomes, announced that
Patrick Miles has been appointed as Executive Chairman and Quentin
Blackford as a member of the Board, effective today. Miles
will lead the organization, and Terry Rich, Alphatec‘s Chief
Executive Officer, will continue in his role, reporting to Miles.
In conjunction with these appointments, Miles and Blackford are
personally investing in Alphatec common stock in an aggregate
amount in excess of $3.5 million.
“Today’s announcement marks continued execution
of our vision to reposition Alphatec as the most respected,
fastest-growing company in U.S. spine,” said Mr. Rich. “Pat and
Quentin have decades of industry experience and well-deserved
reputations that speak for themselves. Their personal financial
commitments are a powerful testament to their personal commitments
to increase shareholder value; a conviction that has been expressed
by our entire leadership team.”
Rich continued, “Pat is a globally recognized
spine visionary and a proven driver of market-share
expansion. His passionate belief that our most important
business is in the operating room aligns absolutely with the
Alphatec value system, and positions him extraordinarily well to
lead the organization. I have great confidence that Pat’s influence
on daily operations, product development decisions, and surgeon
engagement will accelerate the business transformation that we are
driving. I look forward to partnering with him to advance
Alphatec’s growth trajectory by executing our mission to improve
patient lives.”
Miles brings a wealth of orthopedics and
innovation expertise, with over 25 years of industry experience,
and as a named inventor on close to 100 industry patents. In his
capacity as Executive Chairman, he will be fully engaged, focusing
primarily on further defining and implementing Alphatec’s strategic
initiatives, expanding and fortifying the Company’s relationships
with surgeon customers, and leading Alphatec’s new technology
development. Miles joins Alphatec following a 17-year tenure
at NuVasive, Inc., where he was a central figure in the company’s
expansion from a start-up business to a global spine corporation
with close to $1 billion in revenues. He most recently served
as NuVasive’s Vice Chairman; prior to that, he was its President
and Chief Operating Officer, and President of Global Products and
Services. Before joining NuVasive, Mr. Miles held sales and
marketing roles with Medtronic Sofamor Danek and Smith &
Nephew.
"I am thrilled to work closely with Terry once
again to reposition Alphatec as the next great growth story in
spine. Together, we share roughly 50 years of spine and orthopedics
expertise – a level unrivaled in spine leadership – which will
guide us in determining how best to serve this market. I look
forward to driving toward improved surgical outcomes and market
share expansion,” said Miles. “Alphatec has a broad and impressive
product portfolio, improving surgeon engagement, and great access
to hospitals; all of which position the Company exceptionally well
to take market share in today’s environment. This is a high-caliber
team driving an important mission, and I feel incredibly lucky to
be a part of it.”
Blackford joins the Alphatec Board of Directors
with 17 years of experience in the medical device industry.
He is currently Executive Vice President and Chief Financial
Officer of DexCom, Inc. Prior to joining Dexcom, Blackford was
Executive Vice President, Chief Financial Officer, Head of Strategy
and Corporate Integrity for NuVasive. In that role, he led
the Finance, Strategy and Corporate Development, Compliance and
Regulatory functions. Before joining NuVasive in 2009, Mr.
Blackford held various leadership roles with Zimmer Holdings, Inc.,
including Director of Finance and Controller for Zimmer Dental.
“Alphatec has assembled an exceptional team of
spine industry leaders who are already transforming the
business. I am excited to help shape the Company’s strategic
direction as Alphatec evolves into a leading spine player,” said
Blackford.
In connection with these appointments, Mortimer
Berkowitz III, Alphatec’s Chairman since December 2016, will
transition into the role of Lead Director. In addition, Stephen
O’Neil has resigned from his position as a member of the Company’s
Board of Directors, effective immediately. Mr. Rich will also
remain a key member of the Alphatec Board.
Mr. Berkowitz, said, “I would like to thank
Steve for his 12 years of dedicated service to Alphatec, and for
being a trusted colleague and counselor. I also enthusiastically
welcome Pat and Quentin to the Alphatec family, and thank Terry for
his efforts in bringing them aboard. They share the optimism and
the vision that we have for the future of this Company, and I look
forward to serving with them in the Lead Director role.”
Inducement Award As an
inducement to accepting employment with the Company, and in
accordance with applicable NASDAQ listing requirements, the Board
of Directors has also approved an award to Mr. Miles of 1,000,000
restricted stock units (RSUs).
The RSUs will be granted following registration
of the common stock underlying the RSUs and will vest in equal
annual installments on each of the first three anniversaries of Mr.
Miles’ date of employment if he remains continuously employed by
Alphatec as of such vesting date. In addition, the RSUs will fully
vest upon a change in control of Alphatec.
The Board approved an amendment to Alphatec's
2016 Employment Inducement Award Plan to increase the shares
reserved for issuance thereunder by 1 million shares, effective
October 2, 2017.
Equity Investments in Alphatec Common
SharesMr. Miles has agreed to purchase 1.3 million shares
of common stock and Mr. Blackford has agreed to purchase at least
220,000 shares of common stock and up to 440,000 shares of common
stock, all at a purchase price of $2.26 per share (the consolidated
closing bid price of Alphatec common shares on September 29, 2017),
for gross proceeds to the Company of between $3.5 million and $4
million. The share purchases are expected to close on or before
January 1, 2018. In connection with his purchase of Alphatec common
stock, at the closing, Mr. Miles will also receive a five-year
warrant to purchase up to 1.3 million shares of common stock at a
purchase price of $5.00 per share which, if exercised, will
generate additional gross proceeds to the Company of $6.6
million.
About Alphatec Holdings,
Inc.Alphatec Holdings, Inc., through its wholly owned
subsidiary Alphatec Spine, Inc., is a medical device company that
designs, develops, and markets spinal fusion technology products
and solutions for the treatment of spinal disorders associated with
disease and degeneration, congenital deformities, and trauma. The
Company's mission is to improve lives by providing innovative spine
surgery solutions through the relentless pursuit of superior
outcomes. The Company markets its products in the U.S. via
independent sales agents and a direct sales force.
Additional information can be found at
www.alphatecspine.com.
Forward Looking Statements This
press release contains "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.
The Company 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 the references to the Company’s strategy in
significantly repositioning the Alphatec brand and turning the
Company into a growth organization. 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 uncertainty of success
in developing new products or products currently in the Company’s
pipeline; the uncertainties in the Company’s ability to execute
upon its strategic operating plan; the uncertainties regarding the
ability to successfully license or acquire new products, and the
commercial success of such products; failure to achieve acceptance
of the Company’s products by the surgeon community, including
Battalion and Arsenal Deformity; failure to obtain FDA or other
regulatory clearance or approval for new products, or unexpected or
prolonged delays in the process; continuation of favorable third
party reimbursement for procedures performed using the Company’s
products; unanticipated expenses or liabilities or other adverse
events affecting cash flow or the Company’s ability to successfully
control its costs or achieve profitability; uncertainty of
additional funding; the Company’s ability to compete with other
competing products and with emerging new technologies; product
liability exposure; an unsuccessful outcome in any litigation in
which the Company is a defendant; patent infringement claims;
claims related to the Company’s intellectual property and the
Company’s ability to meet its financial obligations under its
credit agreements and the Orthotec settlement agreement. 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. A
further list and description of these and other factors, risks and
uncertainties can be found in the Company's most recent annual
report, and any subsequent quarterly and current reports, filed
with the Securities and Exchange Commission. Alphatec 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.
Investor/Media Contact:Zack
KubowThe Ruth Group(646) 536-7000alphatec@theruthgroup.com
Company Contact:Jeff
BlackExecutive Vice President and Chief Financial OfficerAlphatec
Holdings, Inc. (760)
431-9286Investorrelations@alphatecspine.com
Alphatec (NASDAQ:ATEC)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Alphatec (NASDAQ:ATEC)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024