Medical technology company Xtant Medical Holdings has completed the acquisition of the Coflex and Cofix product portfolio from Surgalign Holdings for $17m.
The entities signed a definitive agreement on 28 February in this regard.
Serving as a non-fusion treatment option for lumbar spinal stenosis (LSS) patients, Coflex is an interlaminar stabilisation device that can be used following open decompression in several settings.
According to the company, the number of patients diagnosed with LSS across the globe is around 2.4 million, which is considered to be the largest single-growing spine patient demographic.
Claimed to be the only implant with US Food and Drug Administration (FDA) premarket approval (PMA), the Coflex device has already been implanted in more than 200,000 patients in over 60 countries.
The device, which is clinically validated in more than 90 peer-reviewed publications, comes under Ambulatory Surgery Center (ASC) reimbursement.
Meanwhile, Cofix is a minimally invasive supplemental fixation device meant for use on all levels of the lumbar spine.
Xtant Medical president and CEO Sean Browne said: “Coupled with our less invasive Axle interspinous device and Silex SI Fusion product lines, Coflex augments our offering in the fast-growing segments of ASC and outpatient procedures.
“Aligning with our key growth pillars, this acquisition expands our footprint by adding new distributors and a significant number of trained surgeons to the Company’s network.”
Surgalign president and CEO Terry Rich said: “This transaction provides us with non-dilutive capital, which will be used to advance our leading platform of artificial intelligence products across the entire continuum of care.”