Xtant Medical completed its sale of certain non-core Coflex spine implant assets and all OUS entities of Paradigm Spine GmbH to Companion Spine, according to a Dec. 1 news release.
The $19.2 million transaction included $11.0 million in cash and $8.2 million in short-term seller financing. Xtant Medical plans to use the net proceeds to reduce long-term debt and add cash liquidity.
“The sale of these businesses to Companion Spine represents a significant step forward for Xtant as we enhance our focus on our core biologics business, driving innovation for surgeons and patients, and delivering sustained improvements in our financial performance,” Xtant Medical President and CEO Sean Browne said in the release. “Importantly, we expect that the net proceeds from this transaction, together with our anticipated cash flows generated from operations, will enable us to continue operating without the need for additional external capital. We are immensely proud to have reached this inflection point.”
Plans for the sale were announced in July. Companion Spine is a portfolio company of Viscogliosi Brothers, which also bought Stryker’s U.S. spine assets earlier this year.
