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Surgalign’s Assets Find New Homes After Bankruptcy
The Deerfield, IL-based company said that Xtant Medical Holdings and Augmedics were the successful bidders for its assets.
July 31, 2023
2 Min Read
Image Credit: Andranik Hakobyan via iStock/Getty Images
Surgalign, a company that filed for bankruptcy in June, said that Xtant Medical Holdings and Augmedics were the successful bidders for its technologies.
Xtant will acquire Surgaligns’s hardware and biologics assets. Augmedics will acquire the Deerfield, IL-based company’s digital health assets.
This isn’t the first time Xtant has acquired assets of Surgalign. In March, Xtant reported it acquired the Coflex and Cofix product lines from Surgalign for about $17 million.
Coflex is an interlaminar stabilization device used after an open decompression that can be performed in various settings, offering a non-fusion treatment option for lumbar spinal stenosis (LSS) patients. Cofix is a supplemental fixation device, which is a minimally invasive system intended for use on all levels of the lumbar spine.
“We are pleased to add these attractive assets that we anticipate will contribute to our growth,” said Sean Browne, President and CEO of Xtant Medical. “Combined with the Coflex acquisition that we completed earlier this year, we are executing on our key growth drivers while scaling our business.”
Xtant’s bid for the hardware and biologics assets consists of a cash purchase price of $5 million and the assumption of certain liabilities, as set forth in the asset purchase agreement.
In addition, Augmedics’s bid for the digital health assets consists of a cash purchase price of $900,000 and the assumption of certain liabilities, as set forth in the asset purchase agreement.
“We are pleased to have concluded the sale process and believe with Xtant and Augmedics, our technology and its potential will live on,” said Terry Rich president and CEO of Surgalign. “I cannot thank our customers and partners enough for their support through this process. Further, I want to acknowledge the entire Surgalign team for their unwavering commitment throughout the years, and for their ongoing passion to develop the best solutions to help drive better patient outcomes.”
Surgalign isn’t the only medtech company to file for bankruptcy in 2023.
Earlier this month, ViewRay, a company that once had a loan facility agreement with the now-defunct Silicon Valley Bank filed for bankruptcy. ViewRay is the developer of MDIdian, an MR-Guided radiotherapy system.
And earlier this year, Pear Therapeutics, a prescription digital therapeutics company, filed for bankruptcy. In May, the company said that its assets have now been split between four bidders in a recent auction totaling $6.05 million.
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