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July 29, 2015 6:25 AM ET

Healthcare Equipment and Supplies

Company Overview of Amedica Corporation

Company Overview

Amedica Corporation, a commercial-stage biomaterial company, develops, manufactures, and sells a range of medical devices based on its silicon nitride technology platform in the United States, Europe, and South America. It offers Valeo silicon nitride interbody spinal fusion devices for use in the cervical and thoracolumbar areas of the spine; and a line of non-silicon nitride spinal fusion products. The company also develops femoral heads for use in total hip replacements; and femoral condyle components for use in total knee replacements. It markets and sells its products to surgeons and hospitals directly, as well as through a network of independent sales distributors. Amedica Corporation ...

1885 West 2100 South

Salt Lake City, UT 84119

United States

Founded in 1996

66 Employees

Phone:

801-839-3500

Key Executives for Amedica Corporation

Chairman of the Board, Chief Executive Officer and President
Age: 53
Total Annual Compensation: $79.4K
Chief Technology Officer
Age: 63
Total Annual Compensation: $228.5K
Compensation as of Fiscal Year 2014.

Amedica Corporation Key Developments

Amedica Corporation Reports Unaudited Cash Flow Results for the First Half Ended June 30, 2015; Provides Revenue Guidance for the Second Quarter Ended June 30, 2015; Provides Update on FDA Response to the Recent Submission for 510(K) Clearance of Valeo C Interbody with CsC Osteo-Conductive Scaffolding

Amedica Corporation announced unaudited cash flow results for the first half ended June 30, 2015. Net cash used in operating activities during the first half of 2015 decreased by approximately $3.0 million from the prior year period. The company provided revenue guidance for the second quarter ended June 30, 2015. For the quarter, the company expects to report revenue in the range of $4.7 million and $4.9 million, as compared to $4.7 million during the first quarter of 2015. The company has also received additional comments from the U.S. Food and Drug Administration in response to the company's recent submission for 510(k) clearance of the Valeo C Interbody with CsC Osteo-Conductive Scaffolding (Valeo C CsC). After reviewing the product's clinical performance data, as well as indications for use and device description, the FDA has requested that the company provide 24-month clinical performance data before further clearance consideration. Two-year performance data from the CASCADE clinical trial will be available at the beginning of the fourth quarter 2015, thus pushing the timeline for an anticipated final response from the FDA to late fourth quarter 2015 or early first quarter 2016.

Amedica Corporation Signs Additional OEM Letter of Intent Supply Agreement

Amedica Corporation announced that it has signed an original equipment manufacturer (OEM) letter of intent supply agreement with a leading orthopedic device design and manufacturing company. Under the proposed agreement, Amedica will assist this company with their proprietary design, development, manufacture and supply of silicon nitride spinal implants. The two companies will begin negotiating the definitive agreement once it is satisfied that all necessary and appropriate regulatory approvals can be obtained without significant expense. The agreement underscores Amedica's continued focus to provide superior and innovative solutions to the market.

Amedica Corporation Receives Default Notice of Loan and Security Agreement from Hercules Technology Growth Capital, Inc

On June 30, 2015, Amedica Corporation (the Company) received written notice from Hercules Technology Growth Capital Inc. (Hercules) that an event of default has occurred with respect to that certain Loan and Security Agreement dated as of June 30, 2014 by and between Hercules in its capacity as administrative and collateral agent, the parties who are lenders thereunder, Amedica Corporation, and US Spine Inc. (the Hercules Notice). The Hercules Notice provides that the notice was transmitted solely for informational purposes at this time and that Hercules reserves all of its rights under the Loan and Security Agreement. Hercules has not accelerated or demanded any payment at this time. The Hercules Notice indicates that an event of default has occurred as the result of, without limitation, that certain Event of Default Redemption Notice dated June 18, 2015 transmitted by MG Partners II Ltd. (Magna) to the company (the Magna Notice). The company disagrees with Magna's claims that an event of default has occurred and asserts that no event of default has occurred or is continuing, and consequently the demand for payment is invalid. The company has invited Magna to immediately reconsider and to rescind its Notice of Default and request for payment.

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