Amedica closes spine sale to CTL Medical

Amedica (NSDQ:AMDA) said this week it it closed its sale of its spine business to CTL Media, effective October 1. Salt Lake City, Utah-based Amedica said that in the deal, originally announced last month, CTL Medical will pay up to $10 million for all of Amedica’s commercial spine business. The move makes CTL Medical the exclusive owner of Amedica’s metal and silicon nitride spine products, sold under the brand names Taurus, Preference, Valeo. Amedica will retain manufacturing, R&D and intellectual property related to its core biomaterial tech of silicon nitride remains, and will serve as CTL’s OEM provider. “We are pleased to have closed this transaction so quickly after the September announcement. Amedica is now free of the considerable costs and complexity attendant to retail spine sales, allowing the company to focus on the core biomaterials and OEM business instead. We will fully support CTL spine sales in terms of clinical and basic science, surgeon education, and any other necessary sales support. Most importantly, as a debt-free company, Amedica can now focus on revenue opportunities outside of spine where our R&D program is particularly strong, such as in the dental and arthroplasty markets. In our opinion, this is the leanest, most efficient, and overall best position that Amedica has ever been in as a company, from a cash position or otherwise, with multiple strategic options going forward,” Amedica board chair Dr. Sonny Bal s...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Mergers & Acquisitions Spinal Amedica Source Type: news