CARLSBAD, Calif., March 17, 2010 (GLOBE NEWSWIRE) — Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions affecting the aging spine, announced today that at a special meeting of stockholders held on March 16, 2010, its stockholders approved the issuance of 24,000,000 shares of the Company’s common stock in connection with the acquisition of Scient’x Groupe SAS. Approximately 78% of the shares of the Company’s common stock that were eligible to vote on the matter were voted. Of the shares that were voted, over 99% voted in favor of the transaction. The Company expects the closing of the transaction to be completed prior to the end of the first quarter.
“We are pleased that our stockholders have overwhelmingly supported this transaction, which we believe will create a company with global scale and presence, as well as a unique and differentiated product portfolio,” stated Dirk Kuyper, the Company’s President and CEO.
The transaction remains subject to customary closing conditions.
Scient’x is a medical device company based in France that designs, develops and manufactures spinal implants and instrumentation. Scient’x was founded in 1988 and offers today a full range of implants for spinal fusions, posterior semi-rigid stabilization and a cervical total disc replacement device. Its international distribution network consists of a direct sales force in France and the U.K., a hybrid of direct sales force and distributors in Italy, as well as exclusive and non-exclusive distributors in more than 50 countries including the United States. The Scient’x surgeon education and training network augments its international distribution capabilities.
Scient’x key products includes the Isobar™ rod product group, a semi-rigid rod technology used in spinal fusion surgeries, as well as cervical and lumbar implants, which are used predominantly in spine fusion surgeries. Outside of the United States, Scient’x markets a unique and proprietary ceramic-on-ceramic cervical total disc replacement device, DiscoCerv®, which has been implanted in over 3,000 patients since its initial launch.
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec Holdings, Inc. (Nasdaq:ATEC). Alphatec Spine is a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, primarily focused on the aging spine. The Company’s mission is to combine world-class customer service with innovative, surgeon-driven design that will help improve the aging patient’s quality of life. The Company is poised to achieve its goal through new solutions for patients with osteoporosis, stenosis and other aging spine deformities, improved minimally invasive products and techniques and integrated biologics solutions. In addition to its US operations, the Company also markets its spine products in Europe. In Asia, the Company markets a broad line of spine and orthopedic products through its subsidiary, Alphatec Pacific, Inc. For more information, please visit www.alphatecspine.com.
Also visit the Aging Spine Center, www.agingspinecenter.com, a web-based information portal for healthcare providers and patients regarding aging spine disorders and their treatment. The Company is working with the National Osteoporosis Foundation as well as other clinical portals that provide peer-reviewed content, to populate the Aging Spine Center. The interactive website enables patients to review pertinent information about disorders that affect the aging spine in an easy-to-understand format that includes videos, graphics and questions that should be asked of caregivers. Medical information on the website includes published abstracts regarding the aging spine.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created thereby. Shareholders are cautioned that all forward-looking statements are based largely on Alphatec’s expectations and involve risks and uncertainties, some of which cannot be predicted or are beyond Alphatec’s control, including without limitation, the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement; the outcome of any legal proceedings that have been, or may be, instituted against the Company or Scient’x related to the acquisition agreement; the failure to satisfy other conditions to completion of the transaction. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (the “SEC”) available at the SEC’s website athttp://www.sec.gov.
The statements in this press release reflect the Company’s expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments will cause its expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date of this release.