Xtant Medical has finalized transactions related to the sale of some Coflex spine implants and Paradigm OUS businesses.
The company received $10.7 million in satisfaction of unsecured promissory notes and related working capital adjustments from Companion Spine, according to a March 2 news release. The funds will help the company reduce debt and add to cash liquidity.
“We are very pleased to finalize these transactions with Companion Spine, which place these assets and businesses with a recognized leader in the neuro-musculoskeletal space while allowing us to further sharpen our focus on our higher-margin biologics business,” Sean Browne, president and CEO of Xtant Medical, said in the release. “We wish Companion Spine much success in achieving the full market potential of these motion preservation technologies.”
Xtant Medical sold certain non-core Coflex spine implant assets and all OUS entities of Paradigm Spine GmbH to Companion Spine in a $19.2 million sale in December.
