Alphatec Spine Completes $30 Million Credit Facility
09 Dezember 2008 - 10:30PM
Business Wire
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a medical device company that designs,
develops, manufactures and markets products for the surgical
treatment of spine disorders, with a focus on treating conditions
related to the aging spine, announced today that Silicon Valley
Bank and Oxford Finance Corporation have provided the Company with
a $30 million credit facility. �We are pleased that our business
provides the ability to raise capital with reasonable terms,� said
Dirk Kuyper, Alphatec Spine�s President and Chief Executive
Officer. �This credit facility strengthens our ability to pursue
our business strategy in the aging spine market and the core spinal
fusion market, including expanding our U.S. and European
distribution network.� �Alphatec Spine continues to make incredible
advances in the treatment of spine disorders,� said Andy Pelletier,
Senior Relationship Manager from Silicon Valley Bank. �We look
forward to providing its outstanding management team the financial
support it needs to continue to be successful.� �We are proud to
add Alphatec Spine to our credit portfolio given its solid
sustainable business growth in the spine surgery market,� said J.
Alden Philbrick, President and Chief Executive Officer of Oxford
Finance Corporation. �Oxford is very pleased to provide financing
along with Silicon Valley Bank to support Alphatec Spine�s
continuing product development and marketing efforts.� The $30
million credit facility is due in April 2012 and consists of a $15
million term note and a $15 million working capital line of credit.
The funds from the credit facility will be used to pay off both
Alphatec Spine�s existing line of credit of $12.75 million and
equipment notes of approximately $1.0 million and provides
significant incremental borrowing capacity. A copy of the agreement
referenced in this press release will be filed with Alphatec
Spine�s Annual Report on Form 10-K for the year ending December 31,
2008 and the foregoing description is subject in all respects to
the actual terms of the agreement. About Alphatec Spine Alphatec
Spine, Inc. is a wholly owned subsidiary of Alphatec Holdings, Inc.
(Nasdaq:ATEC). Alphatec Spine is a medical device company that
designs, develops, manufactures and markets products for the
surgical treatment of spine disorders, primarily focused on the
aging spine. The Company's mission is to combine world-class
customer service with innovative, surgeon-driven design that will
help improve the aging patient's quality of life. The Company is
poised to achieve its goal through new solutions for patients with
osteoporosis and other aging spine deformities, improved minimally
invasive products and techniques and integrated biologics
solutions. In addition to its U.S. operations, the Company also
markets its spine products in Europe. In Asia, the Company markets
a broad line of spine and orthopedic products through its
subsidiary, Alphatec Pacific, Inc. For more information, please
visit www.alphatecspine.com. Also visit the Aging Spine Center,
www.agingspinecenter.com, a web-based information portal for
healthcare providers and patients regarding aging spine disorders
and their treatment. The Company is working with the National
Osteoporosis Foundation as well as other clinical portals that
provide peer-reviewed content, to populate the Aging Spine Center.
The interactive website will enable patients to review pertinent
information about disorders that affect the aging spine in an
easy-to-understand format that includes videos, graphics and
questions that should be asked of caregivers. Medical information
will include published abstracts regarding the aging spine. Forward
Looking Statements This press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 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. These forward-looking statements
include, but are not limited to: Alphatec Spine's ability to
accelerate new product momentum, bring to market differentiated
products and commercialize its product pipeline. Alphatec Spine
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 Spine�s ability to meet its revenue
projections, the growth rate of the spine market related to aging
and elderly patients, uncertainty of success in developing new
products or products currently in Alphatec Spine's pipeline,
including those products that are intended to treat disorders
prevalent in aging patients, failure to achieve acceptance of
Alphatec Spine's products by the surgeon community, failure to
obtain FDA clearance or approval for new products, or unexpected or
prolonged delays in the process, Alphatec Spine's ability to
develop and expand its business in the United States, Asia and
Europe, continuation of favorable third party payor reimbursement
for procedures performed using Alphatec Spine's products,
unanticipated expenses or liabilities or other adverse events
affecting cash flow or Alphatec Spine's ability to successfully
control its costs or achieve profitability, uncertainty of
additional funding, Alphatec Spine's ability to compete with other
competing products and with emerging new technologies, product
liability exposure, patent infringement claims and claims related
to Alphatec Spine's intellectual property. Please refer to the
risks detailed from time to time in Alphatec Spine's SEC reports,
including quarterly reports on Form 10-Q, reports on Form 8-K and
annual reports on Form 10-K. Alphatec Spine disclaims 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.
Alphatec (NASDAQ:ATEC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Alphatec (NASDAQ:ATEC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024