Xtant Medical is selling certain Coflex and CoFix spinal implants and all OUS entities of Paradigm Spine GmbH to Companion Spine.
The assets sold for $19.2 million, and Xtant Medical plans to use the money to reduce long-term debt and add to cash liquidity, according to a July 8 news release. Xtant Medical’s sale positions it towards a greater focus on orthobiologics, President and CEO Sean Browne, said in the release.
“These franchises will be in great hands given the Viscogliosi Brothers’ proven track record of successful commercial execution in the neuro-musculoskeletal space,” Mr. Browne said. “We believe they, along with Companion Spine, are the ideal partners to continue driving the growth of Coflex, CoFix, HPS, and related spinal fixation technologies.”
Companion Spine is a portfolio company of Viscogliosi Brothers, which also bought Stryker’s U.S. spine assets earlier this year.
Xtant Medical’s transaction is subject to Companion Spine obtaining financing and other cloning conditions.
