CARLSBAD, Calif., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), a provider of innovative spine surgery solutions with a mission to improve patient lives through the relentless pursuit of superior outcomes, released a statement in response to a recent complaint filed by NuVasive, Inc. (Nasdaq:NUVA) against Patrick S. Miles, Alphatec's recently appointed Executive Chairman.
On October 10, NuVasive, without prior inquiry or notice, filed a baseless lawsuit against Mr. Miles. NuVasive then issued a press release to broadcast the complaint, not to "protect corporate assets" as stated, but in an attempt to inflict maximum damage to the public reputations of both Mr. Miles and Alphatec. The complaint is fictional, and includes disclosures by NuVasive that breach its contractual confidentiality obligations owed to Alphatec. It was filed by a law firm in violation of its own ethical obligations, as the firm is currently actively representing Alphatec in related matters.
"I was fortunate to be a part of NuVasive's growth from zero dollars in sales to close to a billion dollars in revenue," said Mr. Miles. "I am exceptionally proud of my contribution, and I have lifelong friends who remain affiliated with the organization. I did not leave NuVasive to damage the company; in fact, I remain a significant shareholder. I chose to pursue a new opportunity at Alphatec because I want to align my talents and influence with a Company that is focused on serving spine surgeons and their patients. The allegations made by NuVasive against me are clearly false, and typical of a management team reacting to mass departures of key, spine-experienced executives. I intend, ultimately, to clear my name. In the meantime, I will not be distracted by baseless claims, and will drive Alphatec's pursuit of improved surgical outcomes."
Terry Rich, Alphatec's Chief Executive Officer, continued, "I have known Pat since I joined him in building NuVasive twelve years ago. He is well known to the spine industry worldwide and is highly respected for his integrity. The complaint against him is full of false claims, and is nothing more than a PR stunt by NuVasive. It has been orchestrated to detract from a decaying, toxic culture that has contributed to the resignations of three C-Suite officers since July 2017, and caused dozens of NuVasive employees and countless surgeon customers to reach out to Alphatec, seeking more attractive opportunities. The current issues at NuVasive have nothing to do with Pat. We look forward to continuing to move our business forward under his leadership."
Mr. Miles plans to file a timely response to the complaint. Alphatec will vigorously support him in this matter.
About Alphatec Holdings, Inc.
Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc., is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force.
Additional information can be found at www.alphatecspine.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include the references to the Company's strategy in significantly repositioning the Alphatec brand and turning the Company into a growth organization. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainty of success in developing new products or products currently in the Company's pipeline; the uncertainties in the Company's ability to execute upon its strategic operating plan; the uncertainties regarding the ability to successfully license or acquire new products, and the commercial success of such products; failure to achieve acceptance of the Company's products by the surgeon community, including Battalion and Arsenal Deformity; failure to obtain FDA or other regulatory clearance or approval for new products, or unexpected or prolonged delays in the process; continuation of favorable third party reimbursement for procedures performed using the Company's products; unanticipated expenses or liabilities or other adverse events affecting cash flow or the Company's ability to successfully control its costs or achieve profitability; uncertainty of additional funding; the Company's ability to compete with other competing products and with emerging new technologies; product liability exposure; an unsuccessful outcome in any litigation in which the Company is a defendant; patent infringement claims; claims related to the Company's intellectual property and the Company's ability to meet its financial obligations under its credit agreements and the Orthotec settlement agreement. The words "believe," "will," "should," "expect," "intend," "estimate" and "anticipate," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. A further list and description of these and other factors, risks and uncertainties can be found in the Company's most recent annual report, and any subsequent quarterly and current reports, filed with the Securities and Exchange Commission. Alphatec disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
The Ruth Group
Executive Vice President and Chief Financial Officer
Alphatec Holdings, Inc.