SpineGuard Initiates Safeguard Proceedings While Adapting Its Governance to Strengthen the Development of Innovation
SpineGuard (Paris:ALSGD) (FR0011464452 – ALSGD), an
innovative company that deploys its DSG® (Dynamic Surgical
Guidance) sensing technology to secure and streamline the placement
of bone implants, announced today the initiation of “safeguard”
proceedings in France (article L 620-1 of the French “code de
commerce”) and the concomitant commencement of a voluntary Chapter
11 case for its US subsidiary.
Pierre Jérôme, co-founder, Chairman and CEO of SpineGuard,
said: “The initiation of safeguard proceedings will provide us
with favorable economic and legal conditions to implement our
innovation strategy. As recently reported, SpineGuard found its
operational balance but faces a debt reimbursement challenge
requiring financial restructuring. This protective process should
allow us to smoothly renegotiate the terms of the reimbursement of
our debt. With a revised payment schedule, we will have a more
solid ground for successfully deploying our DSG technology and
setting-up fruitful strategic partnerships to create shareholder
Adaptation of company’s governance
The Board of Directors has appointed Pierre Jérôme, its Chairman
and co-founder, as CEO of SpineGuard SA. Stéphane Bette, the other
co-founder, becomes deputy CEO.
This governance change reflects the Board of Directors'
willingness to concentrate SpineGuard’s efforts on the deployment
of innovation and the set-up of strategic partnerships with
industry players while continuing to improve the financial
situation of the company.
Stéphane Bette, Deputy CEO of SpineGuard, concluded:
“Pierre’s return to the senior management team is a unanimous
decision from the Board. I am delighted to share the lead of the
company’s operations with him and I look forward to fully dedicate
my energy to the development of innovation and creation of value
for SpineGuard, while remaining attentive to maintaining
For 2020 SpineGuard is working on several opportunities in order
to generate growth and solidify its strategic turn.
Its new generation of PediGuard products equipped with DSG
Connect, which adds a tablet interface with signal visualization
and recording, should obtain European regulatory clearance in Q1
2020 subsequent to CE mark filing in late September 2019. The US
FDA clearance, ongoing as well, should follow later in 2020.
Commercial efforts should yield positive results in the USA and
certain high-potential countries where the company was successful
in the past: in Brazil, the re-registration of products consecutive
to a distributor change will allow for a restart of the business.
In the Middle East, a multi annual tender should convert into
orders. Turkey could receive a reimbursement decision that would
accelerate sales with the addition of the public sector.
The collaboration with our industry partner Adin Dental/
ConfiDent on the dental application will intensify in 2020 with the
co-development of a next generation DSG embedded product, fruit of
the feedback on the first generation tested in 2019.
Lastly, the search for strategic alliances with industry players
notably for the robotic application continues with the venture bank
Healthios Capital Markets, marks of interest have been
Complementary information on “safeguard” proceedings
The “safeguard” proceedings only concern companies which are not
in suspension of payments.
With the initiation of “safeguard” proceedings in France and the
concomitant commencement of the Chapter 11 case for the U.S.
subsidiary, debt amortization is temporarily suspended. We are very
hopeful that this process will allow SpineGuard to renegotiate on a
consensual basis a revised payment schedule in order to insure the
sustainability of its business and employments while ensuring the
payment of its creditors.
The trading halt of SpineGuard’s stock on Euronext Growth
remains until further notice.
Founded in 2009 in France and the USA by Pierre Jérôme and
Stéphane Bette, SpineGuard is an innovative company deploying its
proprietary radiation-free real time sensing technology DSG®
(Dynamic Surgical Guidance) to secure and streamline the placement
of implants in the skeleton. SpineGuard designs, develops and
markets medical devices that have been used in over 75,000 surgical
procedures worldwide. Fifteen studies published in peer-reviewed
scientific journals have demonstrated the multiple benefits DSG®
offers to patients, surgeons, surgical staff and hospitals.
Building on these solid fundamentals and several strategic
partnerships, SpineGuard has expanded its technology platform in a
disruptive innovation: the « smart » pedicle screw launched late
2017 and is broadening the scope of applications in dental
implantology and surgical robotics. DSG® was co-invented by Maurice
Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem,
For further information, visit www.spineguard.com
The SpineGuard securities may not be offered or sold in the
United States as they have not been and will not be registered
under the Securities Act or any United States state securities
laws, and SpineGuard does not intend to make a public offer of its
securities in the United States. This is an announcement and not a
prospectus, and the information contained herein does and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the securities referred to herein in
the United States in which such offer, solicitation or sale would
be unlawful prior to registration or exemption from
version on businesswire.com: https://www.businesswire.com/news/home/20200213005785/en/
SpineGuard Pierre Jérôme Président Directeur Général Tél.
: 01 45 18 45 19 firstname.lastname@example.org Manuel Lanfossi Directeur
Financier email@example.com Europe / NewCap Investor
Relations & Financial Communication Mathilde Bohin / Pierre
Laurent Tél. : 01 44 71 94 94 firstname.lastname@example.org
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