Alphatec Holdings, Inc. Provides Litigation Update
30 Juni 2006 - 2:30PM
PR Newswire (US)
CARLSBAD, Calif., June 30 /PRNewswire-FirstCall/ -- Alphatec
Holdings, Inc. (NASDAQ:ATEC), a medical device company that
provides customized products and a broad suite of spine fusion
solutions, announced today that it has executed a settlement
agreement with Benchmark Medical Holdings, Inc. that relieves both
parties of all obligations related to prior severance and
promissory note agreements between Benchmark and certain Alphatec
employees who were previously employees of Benchmark. The agreement
also settles litigation brought by Alphatec and Benchmark against
one another related to these matters. Stephen T. D. Dixon, Vice
President and Chief Financial Officer noted, "We are pleased to
have reached this settlement with Benchmark in a manner that suits
both parties and eliminates the associated on-going legal costs."
Alphatec has also learned that on June 26, 2006, Biedermann Motech
GmbH and Depuy Spine, Inc. filed suit for patent infringement
against a number of companies including Alphatec. The complaint
relates to U.S. Patent No. 5,207,678. Biedermann Motech owns the
patent and DePuy is the exclusive licensee of the patent. Alphatec
does not believe that any of its products infringe on this patent
and intends to vigorously defend itself against this complaint.
About Alphatec Alphatec is a medical device company focused on the
design, development, manufacturing and marketing of products for
the surgical treatment of spine disorders. Alphatec's principal
product offering is primarily focused on the estimated $2.2 billion
U.S. spine fusion market through its wholly-owned subsidiary,
Alphatec Spine, Inc., and includes a variety of spinal implant
products and systems comprised of components such as spine screws,
spinal spacers, and plates that offer multiple solutions to address
patients' needs. In addition to Alphatec's U.S. presence, it also
participates in the Japanese spine fusion and orthopedic trauma
markets through its subsidiary, Alphatec Pacific, Inc. Our mission
is to be a value based leader in the spinal market by providing
unmatched service to and taking scientific direction from our
physician customers. We do so through our unique in-house
manufacturing facility in Carlsbad, California that allows us to
respond quickly and to customize innovative products needed for
spine fusion surgery. Alphatec Spine, Inc., our operating
subsidiary, was originally founded in 1990 to manufacture and sell
orthopedic trauma products. In 2003, Alphatec began to additionally
develop and market spine products and has received numerous product
clearances from the FDA for these products. Since 2005, we have
focused exclusively in the United States within the spine fusion
marketplace and have developed a broad suite of spine fusion
products that address most of the needs of the market. Forward
Looking Statements The statements herein regarding Alphatec contain
forward-looking statements that involve risks and uncertainty.
Future events and Alphatec's actual results could differ materially
from the results reflected in these forward-looking statements.
Factors that might cause such a difference include, but are not
limited to, Alphatec's ability to develop and expand its spine
fusion business in the United States and Japan, Alphatec's ability
to expand and maintain a successful sales and marketing
organization, continuation of favorable third party payor
reimbursement for procedures performed using our products,
unanticipated expenses or liabilities or other adverse events
affecting cash flow, uncertainty of success in developing any new
products, failure to successfully introduce new products related to
license agreements, failure to obtain FDA clearance or approval for
particular devices, Alphatec's ability to compete with other
competing products and with emerging new technologies within and
outside of spinal fusion, and the risks detailed in Alphatec's Form
S-1 on file with the SEC, as well as the risks detailed from time
to time in Alphatec's SEC reports, including quarterly reports on
Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.
Alphatec does not assume any obligation to update any
forward-looking statements or other information contained in this
document. DATASOURCE: Alphatec Holdings, Inc. CONTACT: Investors,
Matt Clawson of Allen & Caron, Inc., +1-949-474-4300, , for
Alphatec Holdings, Inc.; or Stephen T. D. Dixon, Vice President and
CFO of Alphatec Holdings, Inc., +1-760-431-9286
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