Alphatec Spine Closes Asset Acquisition of Phygen
Alphatec Holdings (NASDAQ: ATEC), the parent company of Alphatec Spine, Inc., announced today that it has closed its acquisition of certain assets of Phygen LLC.
"We are very pleased and excited to close this important transaction and bring these two companies together. It is truly a synergistic fit and a transformational event for both organizations," said Les Cross, Chairman and Chief Executive Officer of Alphatec Spine. "As I promised when I became CEO earlier this year, Alphatec Spine is focused on becoming more market-driven and customer-focused in order to strengthen sales and profitability. We are taking steps to launch new products, enhance the productivity of our sales force and distribution network, and target more surgeon-customers. Simultaneously, we are supporting these activities with operational improvements designed to lower our cost structure.
"With this transaction, we believe we have significantly strengthened our capabilities to succeed with our strategy. Phygen should bring us an enhanced product development process driven by their Scientific Advisory Board and a broad portfolio of complementary products. We are eager to leverage the strengths of both companies to deliver greater value to spine surgeons in 2013. In addition, I am pleased to