Alphatec Spine, Inc. (Nasdaq:ATEC), a provider of spinal fusion
technologies, announced today that it continues its investment in
new executive talent with the hiring of Jeffrey G. Black as
Executive Vice President and Chief Financial Officer.
Mr. Black is a seasoned executive with over 25
years of experience in financial and operations management,
including senior-level finance roles for six publicly-traded
companies. As the CFO at Alphatec, Mr. Black will lead the finance,
investor relations and accounting organizations, architecting the
appropriate capital structure for the Company to execute its
strategy and build a sustainable financial foundation for future
growth.
“Jeff’s financial insight, capital restructuring
and financing experience, as well as his open leadership style will
be great enhancements to the Alphatec team,” said Terry Rich, Chief
Executive Officer of Alphatec Spine. “His history of
successfully leading growing organizations, his Wall Street
relationships in the healthcare sector, and his strong discipline
in cost and cash control make him an ideal fit for Alphatec.
I look forward to partnering with Jeff as we continue to build a
high-growth U.S. spine company and improve surgeons’ experiences
and patient outcomes through our differentiated product offerings.
We also thank Dennis Nelson, Vice President, Finance, for serving
as Alphatec’s Principal Accounting Officer, and offering strong
leadership of our finance and accounting organizations while we
engaged in the CFO search.”
Mr. Black, 48, previously served as the Chief
Financial Officer of Applied Proteomics, Inc., a company that
develops novel, non-invasive diagnostics using a proteomics-based
platform. Before joining Applied Proteomics, Mr. Black served
as the Chief Financial Officer of AltheaDx, Inc., a molecular
diagnostics company specializing in pharmacogenetic testing.
Prior to AltheaDx, Mr. Black served as Chief Financial Officer of
Verenium Corporation (formerly Diversa Corporation), a
Nasdaq-listed pioneer in the development and commercialization of
high-performance enzymes for use in industrial processes. During
his nine-year tenure at Verenium/Diversa, Mr. Black played a
leadership role in more than $500 million of strategic, equity, and
debt financing transactions, culminating in the sale of the company
to BASF in 2013. Mr. Black is a certified public accountant
(inactive) and began his career with Ernst & Young LLP. He
currently serves on the Board of Directors of Cellana, Inc., a
privately-held algae bioproducts company.
“I am pleased to be joining Terry and his
high-caliber leadership team, with a proven record of success in
the spine market,” said Mr. Black. “With this new team in
place, a robust product portfolio, and a rich pipeline of new
products, Alphatec is well-positioned to continue on an accelerated
path to improve patient lives. I am excited to be a part of
the company’s transformation, with an eye toward building value for
shareholders.”
As an inducement to entering into employment
with the Company and in accordance with NASDAQ Listing Rule
5635(c)(4) under Alphatec’s 2016 Employment Inducement Award Plan
(the “Plan”), on February 21, 2017, the Compensation Committee of
the Board of Directors approved the following inducement awards to
Mr. Black: 75,000 restricted stock units (RSUs) (with the grant of
such RSUs made subject to, and effective on, the date on which
Alphatec files a Registration Statement on Form S-8 registering the
shares of common stock issuable upon settlement of the RSUs, which
filing is expected to occur later this month) and an option to
purchase 75,000 shares of common stock.
The RSUs and stock options were granted pursuant
to the Plan. Collectively, the RSUs and options were granted
as inducements material to Mr. Black entering into employment with
Alphatec in accordance with NASDAQ Listing Rule 5635(c)(4).
The RSUs will vest in equal installments
annually over four years on each of the first four anniversaries of
Mr. Black’s first date of employment, assuming in each case that he
remains continuously employed by Alphatec as of such vesting date.
In addition, the RSUs will fully vest upon a change in control of
Alphatec.
The stock options will have an exercise price
equal to the closing price per share of Alphatec’s common stock as
reported by NASDAQ on the date of grant (March 6, 2017). The stock
options will vest over four years, with 25% of the options vesting
on the first anniversary of the date of grant and the remainder of
the options vesting monthly over the subsequent three years,
assuming in each case Mr. Black remains continuously employed by
Alphatec as of such vesting date. In addition, the options will
fully vest upon a change in control of Alphatec.
The Board approved an amendment to the Plan to
increase the shares reserved for issuance thereunder by 600,000
shares, effective February 21, 2017.
Alphatec is providing this information in
accordance with NASDAQ Listing Rule 5635(c)(4).
Further information regarding the Company’s
appointment of Jeffrey G. Black as Executive Vice President Finance
and Chief Financial Officer is set forth in a Current Report on
Form 8-K that was filed with the U.S. Securities and Exchange
Commission (SEC) on March 6, 2017 and is available on both the
SEC’s website at www.sec.gov and the Company’s website at
www.alphatecspine.com.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary
of Alphatec Holdings, Inc., is a medical device company that
designs, develops and markets spinal fusion technology products and
solutions for the treatment of spinal disorders associated with
disease and degeneration, congenital deformities and trauma. The
Company's mission is to improve lives by delivering advancements in
spinal fusion technologies. The Company and its affiliates market
products in the U.S. via a direct sales force and independent
distributors.
Additional information can be found at
www.alphatecspine.com.
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. 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. Forward-looking statements include the Company's
ability to build a high-growth U.S. spine company; ability to
strengthen its position in the U.S. spine market; ability to
improve surgeon’s experiences, patient outcomes and patient lives;
ability to build value for shareholders; ability to architect
the appropriate capital structure; ability to build a sustainable
financial foundation for future growth; the potential of the
Company’s pipeline of products; and the Company’s ability to
achieve its strategic goals. The words "believe," "will,"
"should," "expect," "intend," "estimate" and "anticipate,"
variations of such words and similar expressions identify
forward-looking statements, but their absence does not mean that a
statement is not a forward-looking statement. The important
factors that could cause actual operating results to differ
significantly from those expressed or implied by such
forward-looking statements include, but are not limited to:
the uncertainties in the Company's ability to execute upon its
strategic operating plan; the uncertainty of success in developing
new products or products currently in the Company’s pipeline; the
failure to achieve acceptance of the Company’s products by the
surgeon community; the failure to obtain FDA clearance or approval
for new products or prolonged delays in the process; continuation
of favorable third party payor reimbursement for procedures
performed using the Company's products; unanticipated expenses or
liabilities or other adverse events affecting cash flow or the
Company's ability to successfully control its costs or achieve
profitability; uncertainty of additional funding; the Company's
ability to compete with other competing products and with emerging
new technologies; product liability exposure; claims related to the
Company's intellectual property; and the Company's ability to meet
its financial obligations under its credit agreements and the
Orthotec settlement agreement. Please refer to the risks
detailed from time to time in Alphatec Spine's SEC reports,
including its Annual Report Form 10-K, as well as other filings on
Form 10-Q and periodic filings on Form 8-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.
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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