Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec
Holdings, Inc. (Nasdaq:ATEC), and a provider of spinal fusion
technologies, announced today the addition of two new sales
executives with proven track records in the spine industry, naming
James (Jim) Duffy as Area Vice President, U.S. Sales, South, and
Greg Rhinehart as Area Vice President, U.S. Sales, East.
Drawing on their deep commercial spine experience, Messrs. Duffy
and Rhinehart will be responsible for expanding the Company’s
presence in the Southern and Eastern United States, respectively,
including continuing to build dedicated sales
agent relationships, targeting new customer and market
opportunities, and providing service and support for existing
surgeon customers.
“I’m excited to welcome Jim and Greg to the
Alphatec family as we continue to build out a strong sales
leadership team that is focused on driving sustainable growth and
improving patient outcomes,” said Terry Rich, Alphatec Spine’s
Chief Executive Officer. “Jim and Greg bring tremendous track
records to Alphatec and they will be instrumental in recruiting and
developing top distributors and sales talent to deepen our
engagement with surgeons and build greater awareness and adoption
of our differentiated products. I look forward to working
with both leaders as we accelerate our sales strategy and
aggressively work to become the fastest growing company in
spine.”
Jim Duffy Named AVP Sales, South Region
Mr. Duffy brings over 25 years of progressive
spine and orthopedic sales leadership experience to Alphatec,
including a proven history of building strong distributor
relationships and dedicated distribution channels. Mr. Duffy
joins Alphatec from Zimmer Biomet Spine, where he was the Sales
Vice President for the East region of the United States following
Zimmer’s merger with Biomet, and was responsible for the strategic
integration and management of the distribution channel.
Prior to Zimmer Biomet, Mr. Duffy served as the Area Vice President
of Sales for Zimmer Spine. Earlier in his career, Mr. Duffy
served in a number of district and regional sales leadership roles,
including at KARL STORZ Endoscopy-America, Medtronic Spinal and
Biologics, and at Synthes Spine.
Mr. Duffy holds a Bachelor of Science in
Business Management from Westfield State University.
Greg Rhinehart Named AVP Sales, East Region
With over two decades of spine and orthopedic
sales leadership experience, Mr. Rhinehart brings significant
expertise to Alphatec in developing high-performing sales
organizations, and driving expansion and revenue growth.
Prior to joining Alphatec, Mr. Rhinehart was the Vice President of
Sales at Medicrea. Before that, Mr. Rhinehart held senior
sales leadership roles at Globus Medical, Inc., where he most
recently served as the Vice President of Sales for the Central U.S.
region—a position he held for nine years. Under his
leadership at Globus, Mr. Rhinehart successfully built a new sales
organization to continue Globus’ expansion in the Central U.S.,
significantly growing annual revenues. Prior to joining
Globus, Mr. Rhinehart held multiple sales leadership roles in spine
and orthopedics at DePuy Spine, Medtronic, Sulzer-Spinetech and
DePuy Orthotech.
Mr. Rhinehart holds a Bachelor of Science in
Business Administration from Ohio State University.
Inducement Awards Granted
As an inducement to entering into employment
with the Company and in accordance with NASDAQ Listing Rule
5635(c)(4) under Alphatec Holdings Inc.’s 2016 Employment
Inducement Award Plan (the “Plan”), on March 30, 2017, the
Compensation Committee of the Board of Directors of Alphatec
Holdings, Inc. approved the following inducement awards:
- Mr. Duffy: 25,000 restricted stock units (RSUs) and an option
to purchase 25,000 shares of common stock.
- Mr. Rhinehart: 25,000 restricted stock units (RSUs) and an
option to purchase 25,000 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 the new employees 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
the first date of employment, which was March 31, 2017 for Mr.
Rhinehart and April 4, 2017 for Mr. Duffy, assuming in each case
the employee 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 (the first date of
employment). 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 the employee remains
continuously employed by Alphatec as of such vesting date. In
addition, the options will fully vest upon a change in control of
Alphatec.
Alphatec is providing this information in
accordance with NASDAQ Listing Rule 5635(c)(4).
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 markets products in the
U.S. via independent sales agents and a direct sales force.
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 successfully expand in certain
geographic regions, launch new products, deepen surgeon engagement,
build brand awareness and accelerate growth. 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 launching
new products and 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; continuation of
favorable third party payor reimbursement for procedures performed
using the Company's products; the Company's ability to compete with
other competing products and with emerging new technologies; 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 Holdings' SEC reports, including its Annual Report Form
10-K, as well as its 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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