Accelus Sells Remi Robotic Navigation System to Alphatec and Announces Leadership Change to Drive Growth and Innovation
19 April 2023 - 10:07PM
Accelus, a privately held medical technology company focused on
accelerating the adoption of minimally invasive surgery (MIS) as
the standard of care in spine, has announced a leadership change
and reorganization, as well as the sale of its Remi® Robotic
Navigation System assets to Alphatec Holdings, Inc. (Nasdaq: ATEC).
“ATEC’s expertise and resources will facilitate Remi’s
scalability and enable it to reach its full potential at an
accelerated pace,” said Accelus President and Chief Executive
Officer Kevin McGann. “We are proud of the advancements we were
able to make with the Remi technology, broadening market access
through 510(k) clearances on numerous imaging platforms over the
past two years and are excited to refocus the company on our
organic growth opportunities through our innovative implant
technology.”
The sale of the Remi platform will enable Accelus to focus on
its core competencies, including its Adaptive Geometry™ technology
and innovative implant systems, including its flagship FlareHawk®
Interbody Fusion System, LineSider® Spinal System, and new Toro™
Lateral (Toro-L) Interbody Fusion System. As part of the
transaction, ATEC will assume Accelus's robotic research and
development lab in Boulder, Colorado, and Accelus Chief Technology
Officer Brad Clayton and certain other employees key to the Remi
business will transition to join the ATEC team.
The capital provided by the sale of the Remi technology will
allow Accelus to invest internally, helping the company to improve
its offerings more rapidly for both minimally invasive and
endoscopic spine surgery. The company also plans to streamline its
operations to optimize efficiency, reduce costs and enhance its
ability to deliver value to customers. This focus on profitability
will enable the company to continue to invest in innovation and
grow the business over the long term.
Alongside the transaction with ATEC, Kevin McGann, who
previously served as Accelus’s President, has been appointed by its
board of directors to serve as President and CEO. Chris Walsh, who
co-founded Accelus, will be stepping down to pursue other
opportunities.
“On behalf of the Board, we are grateful to Chris for his
strategic vision developing an impressive portfolio of spine
products over the past seven years and positioning the company for
strong growth in the years to come,” said Alex Lukianov, Chairman
of Accelus’s board. “We are also pleased to announce that Kevin
McGann will assume the responsibilities of our Chief Executive
Officer. Kevin has the ability to translate his strategic vision
into growth and profitability for the company’s sustainable and
long-term success, and we look forward to seeing tremendous success
under Kevin’s leadership.”
McGann has an extensive background in the medical device
industry, holding leadership positions at Kyphon, Medtronic, and
Stryker Spine. McGann joined Accelus as Chief Commercial Officer in
2019 before being promoted to President in 2020, and has been
working closely with the Accelus senior management team and board
of directors to develop a new strategic plan and vision for the
company after the sale of its Remi Robotic Navigation System
assets.
"I am honored to lead our team in fulfilling our mission and
delivering innovative implant technology to our customers," said
McGann. "I am dedicated to leveraging the value we have built to
capitalize on the significant organic growth opportunities that lie
ahead for the company. My primary goal as CEO is to drive
profitability and foster a culture of excellence and innovation
that positions Accelus for long-term success.”
Chris Walsh, who previously served as Accelus CEO, expressed his
support for the board’s choice. “I have the utmost confidence in
Kevin and tremendous respect and gratitude for the employees of
Accelus, and I know they will be able to honor the opportunity of
further developing products that have and will continue to markedly
accelerate minimally invasive spine surgery.”
As Accelus’s principal fundraiser, Walsh brought the FlareHawk,
LineSider, Toro and Remi platforms from inception through
commercialization, growing revenue for the company during each year
of his tenure. Accelus’s flagship FlareHawk Lumbar Interbody Fusion
Device received FDA clearance in 2016 and CE mark approval in 2021,
and to date more than 19,000 FlareHawk devices have been implanted
worldwide. Integrity Implants also holds FDA clearances for its
LineSider Spinal System pedicle screws and Toro-L Interbody Fusion
System, which is currently in an alpha launch phase. For more
information on Accelus and its innovative product portfolio, please
visit www.accelusinc.com.
AdvisorsPiper Sandler served as exclusive
financial advisor to Accelus. Brown Rudnick LLP served as legal
advisor to Accelus.
About AccelusAccelus is a privately held
medical device company headquartered in Palm Beach Gardens, Fla.
The company is committed to accelerating minimally invasive and
endoscopic spine surgery through its innovative spine products and
solutions. Its proprietary Adaptive Geometry™ technology
fundamentally respects a patient’s neural, vascular, bony and soft
tissue anatomy both during and after implantation. Learn more at
www.accelusinc.com.
Media Contact: Brandy Craig305-676-1679bcraig@accelusinc.com
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