Spine surgery solutions provider Alphatec Holdings promoted David Sponsel to executive vice president of sales and secured $30 million in financing.
Four quick points:
1. In his new role, Mr. Sponsel is tasked with transforming the company's sales channel into a scalable, professional distribution network. The promotion comes less than one year after he joined Alphatech as area vice president for the West.
2. Mr. Sponsel began his career as a sales representative at Stryker Corp., where he eventually became senior director of sales for the West.
3. Alphatec board member Jeff Rydin has served as interim head of sales for several months. With Mr. Sponsel's appointment, Mr. Rydin will transition to a consulting capacity throughout 2019.
4. Additionally, on March 27, Alphatech closed its expanded credit facility with Squadron Medical Finance Solutions for up to $30 million. The funding will help Alphatech execute its growth strategy, CFO Jeff Black said.