Treace Medical Completes Acquisition of Technology Enabling Patient Specific Instrumentation and Reports on Clinical Cases Using PSI with the Lapiplasty® System
June 13 2023 - 4:15PM
Treace Medical Concepts, Inc. (“Treace” or the “Company”)
(NasdaqGS: TMCI), a medical technology company driving a
fundamental shift in the surgical treatment of hallux valgus
(commonly known as bunions), today announced that it has completed
its previously announced acquisition of certain assets from MIOS
Marketing, LLC d/b/a RedPoint Medical3D (“RPM-3D”), a medical
technology company offering pre-operative planning and
patient-specific instrumentation (PSI) guides, designed to deliver
accurate surgical correction of deformities, tailored to the
patient’s unique foot anatomy.
“We are excited to add FDA-cleared PSI
technologies and capabilities to our portfolio, building upon our
pioneering 3D bunion correction and related midfoot solutions,”
said John T. Treace, CEO, Founder and Board Member of Treace. “The
addition of PSI technologies provides greater customization options
for our Lapiplasty® and Adductoplasty® technologies, offering an
expanded range of solutions for patients and clinicians. We look
forward to further integrating PSI as we advance our mission to
improve surgical outcomes for patients suffering from bunion and
related midfoot deformities.”
Mark Easley, MD, Chief, Duke University Foot and
Ankle Division said, “With my first patient treated, I’m impressed
with the experience and outcome from using the RedPoint PSI and
Lapiplasty® technologies. It's exciting to have these
technologies available for the first time where I can visualize the
patient's deformity in 3D, develop and simulate a surgical plan,
and create cut guides specific to the patient's unique anatomy, all
before stepping into the operating room.”
Dr. Easley is a paid consultant for Treace. For
additional information on the RPM-3D technology and acquisition,
please visit
https://investors.treace.com/news-events/events-presentations.
Under the terms of the asset purchase agreement,
Treace acquired certain intellectual property, including patent
applications and proprietary processes, a regulatory clearance,
inventory, contracts, licenses, software, hardware, marketing
materials and other related assets used in pre-operative planning
and providing patient-specific guides for the surgical correction
of foot and ankle deformities from RPM-3D for $20 million in cash
at closing and up to $10 million in potential milestone
payments.
The RPM-3D software and systems will be
integrated with the Company’s instrumentation and implant systems
in 2023, with commercial introduction of patient-specific products
expected in the second half of 2024.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are forward-looking
statements, including, but not limited to the expected timing of
the integration of the RPM-3D software and systems with the
Company’s instrumentation and implant systems in 2023 and
commercial introduction of patient-specific products in the second
half of 2024. Forward-looking statements are based on management’s
current assumptions and expectations of future events and trends,
which affect or may affect the Company’s business, strategy,
operations or financial performance, and actual results and other
events may differ materially from those expressed or implied in
such statements due to numerous risks and uncertainties.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Factors that could cause actual results or other events to differ
materially from those contemplated in this press release can be
found in the Risk Factors section of Treace’s public filings with
the Securities and Exchange Commission (SEC), including its Annual
Report on Form 10-K for the year ended December 31, 2022, filed
with the SEC on March 8, 2023 and its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2023, filed with the SEC on May 9,
2023. Because forward-looking statements are inherently subject to
risks and uncertainties, you should not rely on these
forward-looking statements as predictions of future events. These
forward-looking statements speak only as of their date and, except
to the extent required by law, the Company undertakes no obligation
to update these statements, whether as a result of any new
information, future developments or otherwise.
About Treace Medical ConceptsTreace Medical
Concepts, Inc. is a medical technology company with the goal of
advancing the standard of care for the surgical management of
bunion and related midfoot deformities. Bunions are complex
3-dimensional deformities that originate from an unstable joint in
the middle of the foot and affect approximately 65 million
Americans, of which Treace estimates 1.1 million are annual
surgical candidates. Treace has pioneered and patented the
Lapiplasty® 3D Bunion Correction™ System – a combination of
instruments, implants, and surgical methods designed to surgically
correct all 3 planes of the bunion deformity and secure the
unstable joint, addressing the root cause of the bunion and helping
patients get back to their active lifestyles. Treace expanded its
offering with the Adductoplasty® Midfoot Correction System,
designed for reproducible surgical correction of the midfoot to
provide further support to hallux valgus patients. For more
information, please visit www.treace.com.
Contacts:
Treace Medical ConceptsMark L. HairChief
Financial Officermhair@treace.net(904) 373-5940
Investors:
Gilmartin GroupLynn Lewis or Vivian
CervantesIR@treace.net
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