BELGRADE, Mont., July 31, 2015 (GLOBE NEWSWIRE) — Bacterin International Holdings, Inc. (OTCQX: BONE), a leader in the development of revolutionary bone graft material, announced today that it has closed its purchase of the outstanding shares of privately held X-spine Systems, Inc., a global medical device manufacturer of leading products for spinal surgery, headquartered in Miamisburg, Ohio, in exchange for approximately 4.24 million shares of Bacterin common stock and approximately $60 million in cash, subject to customary working capital adjustments, and including the extinguishment of approximately $13 million of X-spine debt. The transaction positions the combined company as a comprehensive supplier for spine surgery procedures that offers both hardware and biologics through a more substantial national distribution footprint.
X-spine has numerous products for the treatment of spinal disease, with an emphasis on less-invasive treatments for the degenerative spine, X-spine’s state-of-the art spinal implants and instrumentation are highly complementary to Bacterin’s leading orthobiologics portfolio. The great majority of spinal procedures using X-spine’s product portfolio could use an orthobiologic that Bacterin currently offers.
The transaction was funded by an amended and restated $42 million senior secured debt facility with OrbiMed and an offering of $65 million aggregate principal amount of convertible senior notes.
William Blair & Company, L.L.C. served as financial advisor to Bacterin in conjunction with the transaction.
New Company Name and Additions to Management Team
Following the completion of the transaction, Bacterin International Holdings, Inc. will change its name to Xtant Medical Holdings, Inc. Dr. David Kirschman, formerly X-spine CEO, has joined the management team to serve as Executive Vice President and Chief Scientific Officer of Bacterin. He is also President of X-spine Systems, which is now a Bacterin subsidiary. Dr. Kirschman was also appointed to the Bacterin Board of Directors.
About Bacterin International Holdings, Inc.
Bacterin International Holdings, Inc. (OTCQX: BONE) develops, manufactures and markets biologics products to domestic and international markets. Bacterin’s proprietary methods optimize the growth factors in human allografts to promote bone growth, subchondral repair and dermal growth. These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, promotion of bone growth in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.
Following the transaction, X-spine has become a wholly owned subsidiary of Bacterin. X-spine is a medical device manufacturer that provides class-leading products for the treatment of spinal disease. With an emphasis on less-invasive treatments for the degenerative spine, X-spine offers state-of-the art spinal implants and instrumentation to an expanding global market.
For further information, please visit www.bacterin.com.