Alphatec Acquires Neuromonitoring Technology Firm SafeOp Surgical.
M2 EQUITYBITES-March 12, 2018-Alphatec Acquires Neuromonitoring Technology Firm SafeOp Surgical
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12 March 2018 - US-based spine surgery solutions provider Alphatec Holdings, Inc. (NASDAQ: ATEC) has acquired US-based neuromonitoring technology provider SafeOp Surgical, Inc., the company said.
SafeOp is a privately-held provider of advanced neuromonitoring technology designed to prevent the intraoperative risk of nerve injury with automated assessment that obviates the need for a technician or other neuromonitoring professional in most surgeries.
In consideration for SafeOp, Alphatec will pay USD 15m in up-front cash, a USD 3m convertible note, and the issuance of 3.3m shares of common stock and warrants to purchase 2.2m shares of common stock at an exercise price of USD 3.50 per share.
SafeOp will be eligible to receive an additional 1.3m shares of common stock, subject to the achievement of performance milestones.
The company also announced a USD 50m capital raise, the proceeds of which were used, in part, to fund the acquisition.
Additionally, the company announced several leadership updates. Pat Miles has assumed the role of chief executive officer. Terry Rich has been appointed president and chief operating officer.
Both will retain their existing Board positions. Dr. Luiz Pimenta has been appointed chief medical officer.
SafeOp has developed patented technology that automates SSEP's (Somatosensory Evoked Potentials), designed to provide surgeons with objective feedback during surgery.
The company also announced the following leadership and board appointments.
Alphatec Holdings, through its wholly owned subsidiary Alphatec Spine, 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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 12, 2018|
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