CARLSBAD, Calif., Oct. 24 /PRNewswire/ -- Alphatec Spine, Inc. (“Alphatec”) today announced the promotion of Ronald G. Hiscock to President and Chief Executive Officer. Mr. Hiscock was hired in June as President and Chief Operating Officer of Alphatec. Four months of remarkable progress ensued, including:
* Supporting double-digit revenue increases, in excess of budgeted levels. * Acquiring Cortek, a manufacturer of allograft spinal interbody devices. * Hiring 89 new team members. * Developing infrastructure and branding strategy. * Increasing sales and support from 11 states to 38 states. * Expanding manufacturing capacity.
John H. Foster, Chairman of the Board of Alphatec, remarked, “Ron has been key to Alphatec’s renaissance this year, and this promotion reflects the Board’s confidence in his leadership. He’s recruited an excellent executive team, that is transitioning Alphatec successfully into a vertically- integrated, professionally managed orthopedic device company.”
Ronald G. Hiscock, Chief Executive Officer, said, “The market’s response to our efforts this year has validated our vision for Alphatec. We’ll continue to execute our strategy: to build a leading independent spine company by providing superior physician service and initiating innovation.”
Mr. Hiscock is a proven healthcare executive and specialist in building mid-size companies. He is recognized for management of rapid revenue growth and acquisition integration.
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 spinal device company. There are no service gaps between engineering and the physician. The Company has 165 employees and is located in Carlsbad, CA. In March 2005, the company was purchased by a group of investors led by the New York private equity firm HealthpointCapital LLC.
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 Exchange 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: Vicky Romanoski of Alphatec Spine, Inc. (760) 431-9286; vromanoski@alphatecspine.com
Alphatec Spine, Inc.
CONTACT: Vicky Romanoski of Alphatec Spine, Inc., +1-760-431-9286, orvromanoski@alphatecspine.com
