Alphatec Holdings, Inc. Announces Litigation Settlement
09 August 2006 - 2:30PM
PR Newswire (US)
CARLSBAD, Calif., Aug. 9 /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 Abbott Spine, Inc. The litigation was related to a
complaint filed by Abbott Spine in which it alleged that Alphatec
interfered with a contract that Abbott had with independent sales
agents and Abbott's customer relationships in Arizona. The
settlement agreement provides that the terms of settlement are to
be kept confidential by the parties. Ronald G. Hiscock, President
and Chief Executive Officer stated, "The mutually beneficial
resolution of this outstanding issue allows us to concentrate our
resources on building our business and further increasing the
momentum we reported in our second quarter 2006 results." 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 offerings are primarily focused on the U.S. spine fusion
market, which is estimated to approach $3 billion in 2007, through
its wholly-owned subsidiary, Alphatec Spine, Inc., and include 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 device market by providing unmatched service to and
taking scientific direction from our surgeon customers. We do so
through our unique in-house manufacturing facility in Carlsbad,
California that allows us to respond quickly to surgeon needs and
to customize innovative products needed for spine fusion surgery.
Forward-Looking Statements This press release may contain
forward-looking statements that involve risks and uncertainty. Such
statements are based on management's current expectations and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Alphatec cautions investors that there
can be no assurance that actual results or business conditions will
not differ materially from those projected or suggested in such
forward-looking statements as a result of various factors,
including, but not limited to, the following: Alphatec's ability to
maintain the level of sales growth reported in the second quarter
of 2006, 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 or
Alphatec's ability to achieve profitability, uncertainty of
additional funding, uncertainty of success in developing any new
products, failure to successfully introduce and develop new
products, including 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,
product liability exposure and patent infringement claims. Please
refer to 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. We disclaim any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless required by law. Investor Relations: Alphatec
Holdings, Inc.: Matt Clawson Stephen T. D. Dixon Allen & Caron,
Inc. CFO and Vice President (949) 474-4300 (760)-431-9286
DATASOURCE: Alphatec Holdings, Inc. CONTACT: Investor Relations,
Matt Clawson of Allen & Caron, Inc., +1-949-474-4300, , for
Alphatec Holdings, Inc.; or Stephen T. D. Dixon, CFO and Vice
President of Alphatec Holdings, Inc., +1-760-431-9286
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