SpineGuard Reports the End of Its French ‘sauvegarde’ Proceeding
26 März 2021 - 12:01PM
Business Wire
Regulatory News:
SpineGuard (Paris:ALSGD) (FR0011464452 – ALSGD), an innovative
company that deploys its DSG® (Dynamic Surgical Guidance) sensing
technology to secure and streamline the placement of bone implants,
reported the end of its French ‘sauvegarde’ proceeding following
the hearing held on March 10, 2021 at the Commercial Court of
Creteil in France and the subsequent decision on March 24,
2021.
At the hearing on March 10, 2021, Maître Thévenot, the French
trustee, presented to the Court, the plan completed in
collaboration with SpineGuard’s officers and Maître Pellegrini, the
‘Mandataire Judiciaire’, who had previously submitted it to the
creditors and collected their feedback.
In its decision of March 24, 2021, the Commercial Court of
Creteil validated this plan which ends the French ‘sauvegarde’
proceeding. The company will now enter the execution phase of the
plan.
In summary, the liabilities of c. € 5M including € 4.8M of
financial debt, were settled as follows:
- An agreement with the bond holders (Norgine and Harbert) as
part of the U.S. Chapter 11 proceeding for an amount of € 3,875K
with a 5-year reimbursement schedule starting February 2021;
- Bpifrance has accepted the reimbursement of its € 975K loan
over a 9-year period starting February 2022;
- The majority of the other creditors accepted a 9-year
reimbursement plan starting February 2022 for a total of €
60K;
- The few remaining suppliers opted for a one-time payment of €
5K totaling € 60K;
- There is no remaining litigation. Two non-material disputes
have been addressed and resolved by the ‘Mandataire Judiciaire’ on
March 24, 2021.
As the U.S. court also agreed on the two procedures to be
aligned in timing, the company expects to exit Chapter 11 by the
end of May contingent upon the U.S. judicial administrative
processes.
Pierre Jérôme, Chairman, CEO and co-founder of SpineGuard,
said: "This validation by the Commercial Court is excellent
news for SpineGuard. We exit the ‘sauvegarde’ proceeding with a
refreshed financial situation, a clearly defined roadmap and our
ambition to continue to reveal the great potential of our DSG
technology remains intact. The successful deployment of an
innovative medical technology is not without many challenges and I
wish to warmly thank Maître Thévenot for his continued support, our
creditors for their cooperation, our shareholders and partners for
their trust and the entire SpineGuard team for their remarkable
attitude and fortitude throughout this process."
2021 Perspectives
For 2021 SpineGuard is focusing on the following priorities:
- Pursue the implementation of the DSG digital technology in the
surgical robotic field through the deployment of AI algorithms, new
scientific evidence, and additional patents.
- Re-boost commercial activities with the launch of the
DSG-Connect visual interface.
- Intensify the collaboration with ConfiDent ABC for the dental
application and co-develop a new generation of products embedding
the DSG technology.
- Invest selectively while remaining close to breakeven.
- Affirm the company’s technological shift and sign new strategic
partnerships in particular for the use of DSG technology in the
robotic field.
Webinar for investors
The Company also informs its shareholders that a webinar will be
held on April 8, 2021 at 6:00 p.m., following the publication of
2020 financial results and 1Q21 sales. Pierre Jérôme, Stéphane
Bette and Manuel Lanfossi, respectively, Chairman and CEO, Deputy
CEO, and CFO, will present the company's strategic orientations and
outlook. This webinar will be held in French and will be followed
by a Q&A session. A webinar in English will be scheduled at a
later date.
The webinar can be followed using the following link:
https://us02web.zoom.us/webinar/register/WN_itAGbPMhQwihUNG1K8k5kw
Next financial news release: 2020 financial results
and 1Q21 sales on Thursday April 8, 2021 at 6pm CET
About SpineGuard®
Founded in 2009 in France and the USA by Pierre Jérôme and
Stéphane Bette, SpineGuard is an innovative company deploying its
proprietary radiation-free real time sensing technology DSG®
(Dynamic Surgical Guidance) to secure and streamline the placement
of implants in the skeleton. SpineGuard designs, develops and
markets medical devices that have been used in over 80,000 surgical
procedures worldwide. Sixteen studies published in peer-reviewed
scientific journals have demonstrated the multiple benefits DSG®
offers to patients, surgeons, surgical staff and hospitals.
Building on these solid fundamentals and several strategic
partnerships, SpineGuard has expanded its technology platform in a
disruptive innovation: the « smart » pedicle screw launched late
2017 and is broadening the scope of applications in dental
implantology and surgical robotics. DSG® was co-invented by Maurice
Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem,
Biomedical Engineer.
For further information, visit www.spineguard.com
Disclaimer
The SpineGuard securities may not be offered or sold in the
United States as they have not been and will not be registered
under the Securities Act or any United States state securities
laws, and SpineGuard does not intend to make a public offer of its
securities in the United States. This is an announcement and not a
prospectus, and the information contained herein does and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the securities referred to herein in
the United States in which such offer, solicitation or sale would
be unlawful prior to registration or exemption from
registration.
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version on businesswire.com: https://www.businesswire.com/news/home/20210326005187/en/
SpineGuard Pierre Jérôme CEO & Chairman Tel.: +33 1
45 18 45 19 p.jerome@spineguard.com SpineGuard Manuel
Lanfossi CFO Tél.: +33 1 45 18 45 19 m.lanfossi@spineguard.com
NewCap Investor Relations & Financial Communication
Mathilde Bohin / Pierre Laurent Tel.: +33 1 44 71 94 94
spineguard@newcap.eu
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