SAN CLEMENTE, Calif.–(BUSINESS WIRE)–Mar 13, 2013–VertiFlex®, Inc., a leading innovator of advanced minimally invasive spinal surgery technologies , today announced the sale of certain assets to Stryker Corporation’s Spine Division relating to spinal implants that are not core to the ongoing strategic operations of the company. The scale and scope of the deal are not disclosed, however, the transaction provides VertiFlex with significant non-dilutive funding to further advance its platform for minimally invasive treatment of spinal stenosis.
“The sale of these innovative assets to Stryker represents the beginning of a new era in our relationships with strategic partners,” said Earl R. Fender, President and Chief Executive Officer of VertiFlex, Inc. “The agreement with Stryker includes up-front cash, contingent payments as well as a long-term licensing agreement. I’m very proud of the VertiFlex team. In addition to enrolling the largest ever FDA PMA trial of a device for spinal stenosis, we’ve also demonstrated proficiency in developing differentiated products for spinal therapies. The assets sold to Stryker are representative of such innovation.” About VertiFlex®, Inc. VertiFlex® is a privately held medical device company dedicated to the advancement of minimally invasive solutions for the treatment of lumbar spinal stenosis, which is the leading cause of spinal surgery in the elderly. Founded in 2005 and headquartered in San Clemente, CA, VertiFlex® has developed a proprietary, minimally invasive interspinous access platform for performing both indirect and direct decompressions of the lumbar spine. These technologies fill the MIS procedural gap in the stenosis treatment continuum between conservative care and traditional spine surgery. This provides new options for interventional spine physicians and less invasive options for traditional spine surgeons to treat patients who would otherwise undergo more invasive surgery. To date, VertiFlex® has compiled the largest, most rigorous, body of device clinical evidence, related to lumbar spinal stenosis.