Alphatec Spine Enters Into Collaboration Agreement With Group of Experienced
Partnership to Focus on Enhancing Innovation and Improving Positive Patient
Outcomes Through Physician-Inspired Solutions
CARLSBAD, Calif., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc.
(Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device
company that provides physician-inspired solutions for patients with spinal
disorders, today announced that it has entered into a three-year collaboration
agreement with an experienced spine surgeon group to contribute to Alphatec
Spine's product innovation as well as future development and commercialization
of the Company's product pipeline. The agreement combines the Company's
expertise in product development with the knowledge, insights and experience
of practicing spine surgeons who are regularly faced with implementing
effective solutions to address medical challenges for their patients.
"This strategic alliance illustrates Alphatec's continued commitment to
providing physician-inspired solutions to treat conditions of the spine and
help enhance the quality of life for patients," said Les Cross, Alphatec
Spine's Chairman and CEO. "By leveraging the unique strengths of each partner,
we should significantly advance our product portfolio and product lifecycle
plans through the development of innovative products and effective healthcare
Under the terms of the agreement, Alphatec Spine will gain exclusive rights to
the use of all intellectual property developed by the surgeon group under the
collaboration. Additional terms include:
*The Company will make three annual payments to the physicians as sole
consideration for services provided, totaling an aggregate of $8 million,
paid in common stock of Alphatec Holdings at a per share price equal to
the average NASDAQ closing price of the common stock on the five days
leading up to and including the date of signing of the Collaboration
*Before each annual payment is made, the Company is permitted to withhold a
portion of the payment if the physicians do not adequately perform the
required services for that annual period.
*The agreement does not provide for any cash consulting or future royalty
payments to the physician collaborators.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec Holdings, Inc., is
a medical device company that designs, develops, manufactures and markets
physician-inspired products and solutions for the treatment of spinal
disorders associated with trauma, congenital deformities, disease and
degeneration. The Company's mission is to combine innovative surgical
solutions with world-class customer service to improve outcomes and patient
quality of life. The Company and its affiliates market products in the U.S.
and in over 50 countries internationally via a direct sales force and
Additional information can be found at www.alphatecspine.com.
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 2013 revenue and adjusted EBITDA projections; the success of the
Company's product development strategy, and the ability of the collaboration
agreement referred to in this press release to advance such strategy. The
words "believe," "will," "should," "expect," "intend," "estimate,"
"anticipate," and "approximately" and 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. 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, 2012, filed on
March 4, 2013 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:
Alphatec Spine, Inc.
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