Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a provider of spinal fusion technologies,
announced today the addition of two new executives with proven
track records in the spine industry, naming Brian Snider as
Executive Vice President, Strategic Marketing and Product
Development, and Chris Ryan as Area Vice President of Sales in the
U.S. Central Region. Drawing on their deep commercial spine
experience, Mr. Snider and Mr. Ryan will focus on building brand
awareness with surgeon customers and driving market demand for
Alphatec’s differentiated product solutions.
Brian Snider Named EVP Strategic
Marketing and Product Development
“I am pleased to welcome Brian to the Alphatec
Senior Leadership Team,” said Terry Rich, Alphatec Spine’s Chief
Executive Officer. “Brian’s arrival completes our efforts
over the past few months to restructure Alphatec leadership by
adding individuals with significant spine and orthopedic
experience. Brian brings an unquestioned track record of building
strong surgeon relationships, product innovation, and
commercialization, having brought to market over 30 innovative
spine products and procedures. We look forward to leveraging
his energy and expertise, as we launch our new products, including
Battalion™ Lateral and Arsenal™ Deformity, deepen our engagement
with surgeons, and aggressively build our brand. I look
forward to partnering with Brian and believe his contributions will
help take Alphatec to the next level of innovation and growth.”
As Alphatec’s Executive Vice President,
Strategic Marketing and Product Development, Mr. Snider will lead
all aspects of the Company’s go-to-market strategy, including
product development, marketing, brand awareness and driving market
adoption.
Mr. Snider has spent the past 11 years focused
on marketing, brand and product development, and global product
management in the spine and medical device industries. Prior
to joining Alphatec Spine, Mr. Snider spent nine years at NuVasive,
Inc., where he most recently served as the Business Lead of
Thoracolumbar Anterior, and had substantial responsibility over the
anterior column business, including XLIF® and Anterior Column
Realignment (ACR®). Prior to NuVasive, Mr. Snider held
marketing leadership roles at Alveolus, Inc., a medical device
company focused on interventional stent technologies. He
started his career at KPMG consulting in various business units,
including Life Sciences.
Mr. Snider holds an MBA from the Fuqua School of
Business at Duke University and a Bachelor’s degree in Business
Administration from The George Washington University.
Chris Ryan Named AVP Sales, Central
Region
“I’m excited to bring Chris onboard as the first
of our new regional area sales vice presidents,” said Mr.
Rich. “Given the recent launch of our three new products—
Arsenal Deformity, Battalion Lateral and XYcor® Expandable
Interbody—this is a perfect time for Chris to join the Alphatec
team. Chris brings a combination of high-performing sales
leadership and distribution channel transformation experience that
will be crucial to leading our sales agent relationships and
accelerating our growth. His reputation for high integrity,
his deep understanding of the spine industry and his proven ability
to drive significant revenue will make him an asset to our
organization.”
As Alphatec’s Area Vice President, Sales,
Central, Mr. Ryan will be responsible for expanding the Company’s
presence in the Central United States, including building
dedicated sales agent relationships, targeting new customer
and market opportunities, as well as providing service and support
for existing surgeon customers.
Mr. Ryan brings more than 20 years of
progressive spine sales leadership experience to Alphatec.
Prior to joining Alphatec, Mr. Ryan held multiple sales
leadership roles over a six-year period with Zimmer Biomet Spine,
including as its Vice President of U.S. Sales and a member of
the Zimmer Spine Leadership Team. Under Mr. Ryan's leadership,
Zimmer’s U.S. Spine Sales channel underwent a substantial,
strategic change in distribution, yielding significant annual
revenue growth. Prior to Zimmer, Mr. Ryan served in a number
of leadership capacities during his 14-year career at Medtronic,
including Regional Vice President of Medtronic Spinal and Biologics
business unit, responsible for Medtronic’s Central Region.
Mr. Ryan holds a Bachelor of Science in
Economics from Western Michigan University.
Inducement Awards Granted
As an inducement to entering into employment
with the Company and in accordance with NASDAQ Listing Rule
5635(c)(4) under Alphatec’s 2016 Employment Inducement Award Plan
(the “Plan”), on March 16, 2017, the Compensation Committee of the
Board of Directors approved the following inducement awards:
- Mr. Snider: 75,000 restricted stock units (RSUs) (with the
grant of such RSUs made subject to, and effective on, the date on
which Alphatec files a Registration Statement on Form S-8
registering the shares of common stock issuable upon settlement of
the RSUs, which filing is expected to occur later this
month) and an option to purchase 75,000 shares of common
stock.
- Mr. Ryan: 25,000 restricted stock units (RSUs) (with the grant
of such RSUs made subject to, and effective on, the date on which
Alphatec files a Registration Statement on Form S-8 registering the
shares of common stock issuable upon settlement of the RSUs, which
filing is expected to occur later this month) and an option to
purchase 25,000 shares of common stock.
The RSUs and stock options were granted pursuant
to the Plan. Collectively, the RSUs and options were granted
as inducements material to the new employees entering into
employment with Alphatec in accordance with NASDAQ Listing Rule
5635(c)(4).
The RSUs will vest in equal installments
annually over four years on each of the first four anniversaries of
the first date of employment, assuming in each case the employee
remains continuously employed by Alphatec as of such vesting date.
In addition, the RSUs will fully vest upon a change in control of
Alphatec.
The stock options will have an exercise price
equal to the closing price per share of Alphatec’s common stock as
reported by NASDAQ on the date of grant (March 20, 2017). The stock
options will vest over four years, with 25% of the options vesting
on the first anniversary of the date of grant and the remainder of
the options vesting monthly over the subsequent three years,
assuming in each case the employee remains continuously employed by
Alphatec as of such vesting date. In addition, the options will
fully vest upon a change in control of Alphatec.
Alphatec is providing this information in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary
of Alphatec Holdings, Inc., is a medical device company that
designs, develops and markets spinal fusion technology products and
solutions for the treatment of spinal disorders associated with
disease and degeneration, congenital deformities and trauma. The
Company's mission is to improve lives by delivering advancements in
spinal fusion technologies. The Company markets products in the
U.S. via independent sales agents and a direct sales force.
Additional information can be found at
www.alphatecspine.com.
Forward Looking Statements
This press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainty. Such
statements are based on management's current expectations and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Alphatec Spine cautions investors that
there can be no assurance that actual results or business
conditions will not differ materially from those projected or
suggested in such forward-looking statements as a result of various
factors. Forward-looking statements include the Company's
ability to launch new products, deepen surgeon engagement, build
brand awareness and accelerate growth. The words "believe," "will,"
"should," "expect," "intend," "estimate" and "anticipate,"
variations of such words and similar expressions identify
forward-looking statements, but their absence does not mean that a
statement is not a forward-looking statement. The important
factors that could cause actual operating results to differ
significantly from those expressed or implied by such
forward-looking statements include, but are not limited to:
the uncertainties in the Company's ability to execute upon its
strategic operating plan; the uncertainty of success in launching
new products and developing new products or products currently in
the Company’s pipeline; the failure to achieve acceptance of the
Company’s products by the surgeon community; continuation of
favorable third party payor reimbursement for procedures performed
using the Company's products; the Company's ability to compete with
other competing products and with emerging new technologies; and
the Company's ability to meet its financial obligations under its
credit agreements and the Orthotec settlement agreement.
Please refer to the risks detailed from time to time in
Alphatec Spine's SEC reports, including its Annual Report Form
10-K, as well as other filings on Form 10-Q and periodic filings on
Form 8-K. Alphatec Spine disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless required by law.
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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