Alphatec Spine Announces Acquisition Of Cortek
CARLSBAD, Calif., Sept. 13 /PRNewswire/ -- Alphatec Spine, Inc., ("Alphatec") one of the largest independent spinal implant companies, announced today the purchase of all assets of Cortek, Inc., ("Cortek"), a manufacturer of allografts for spinal interbody fusion. Surgeons can now source a full range of spinal fusion products from Alphatec.
Cortek currently provides a range of allograft and synthetic products for spinal interbody fusion, as well as the instrumentation required for implementation. The firm has a diverse customer base, a strategic tissue supply and established distribution relationships. Cortek operates in the $338 million spinal machined allograft sub-segment of the $3.1 billion spine products market. They are headquartered in Dedham, Massachusetts, with offices in Denver, Colorado and Westwood, Massachusetts.
"Cortek's allograft products have long been recognized for their ability to accelerate and improve lumbar and cervical repair. The addition of these products to Alphatec's product lineup gives surgeons a one-stop shop for improving spinal fusion patient outcomes," said John H. Foster, Chairman and CEO of Alphatec.
Alphatec's growth plan for the Cortek division centers on expanding Cortek's line of allograft products within existing markets, using Alphatec's distribution and sales network.
About Alphatec Spine, Inc.
Alphatec Spine, Inc., is distinguished among independent spinal implant companies because it manufactures, engineers and prototypes all its own products. In 2005, the company changed its name from Alphatec Manufacturing to Alphatec Spine, to reflect its fifteen-year evolution from contract medical device manufacturer to vertically-integrated orthopedic device company. There are no service gaps between engineering/prototyping and the physician. The Company has 140 employees and is located in Carlsbad, CA. The company is owned by New York private equity firm HealthpointCapital, LLC.
About HealthpointCapital, LLC
The company was founded in 2002 by John H. Foster, a healthcare investor, executive and entrepreneur for 35 years. It is a values-driven, research- based merchant bank focused on the orthopedic industry. A free-standing research group supports the private equity fund investments and corporate finance activities. HealthpointCapital's purpose is to capitalize upon the unique investment opportunity in orthopedics due to demographics and explosive growth of technology and innovation.
Additional Information
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Although Alphatec and HealthpointCapital believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Important factors that could cause actual results to differ materially from the forward-looking statements include Alphatec's need to obtain additional capital (through financings or otherwise) to continue to grow its operations, the progress of development, government and regulatory approvals and commercialization of Alphatec's new technologies, and the market's acceptance of Alphatec's products. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by either Alphatec or HealthpointCapital or any other person that the objectives and plans of Alphatec will be achieved. By making these forward-looking statements, neither Alphatec nor HealthpointCapital undertakes an obligation to update these statements for revisions or changes after the date of this release.
CONTACT: Scott Wiese of Alphatec Spine, Inc. (760) 431 9286; swiese@alphatecspine.com
Web sites: http://www.alphatecspine.com, http://www.HealthpointCapital.com
Alphatec Spine, Inc.CONTACT: Scott Wiese, of Alphatec Spine, Inc., +1-760-431-9286,swiese@alphatecspine.com