CARLSBAD, Calif., July 02, 2018 (GLOBE NEWSWIRE) — SeaSpine Holdings Corporation (NASDAQ:SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced that it has appointed Dennis L. Cirino to the newly created position of Senior Vice President, Spinal Systems, effective immediately.
Mr. Cirino brings over 25 years of spine industry experience with numerous leadership roles in sales and marketing. Prior to joining SeaSpine, Mr. Cirino spent eight years at NuVasive, Inc., where he served in roles of increasing seniority, most recently serving as vice president of market development for computer-assisted surgery. Prior to NuVasive, Mr. Cirino spent ten years at Medtronic, where he held senior marketing, development and marketing services positions focused on spinal systems, biologics, and pain stimulation. Mr. Cirino holds a Bachelor of Science in Business Administration from Duquesne University and a Master of Business Administration from the University of Notre Dame.
As Senior Vice President, Spinal Systems, Mr. Cirino will lead all aspects of the Company’s spinal implants activities and initiatives. In this capacity, he will set direction for product innovation and development, marketing services, surgeon and sales education, and international strategy.
“Dennis’ deep experience building robust marketing programs, implementing international strategy, and driving surgeon education will serve us well as we leverage our recently launched and increasingly differentiated products, which are critical to accelerating our revenue growth,” said Keith Valentine, president and chief executive officer of SeaSpine. “His strong relationships in the spine industry further strengthen our surgeon-centric approach to product innovation and mission to deliver cost effective solutions to improve the quality of patient lives.”
“SeaSpine’s focus on innovation and clinical value coupled with its increasing investment in medical education and training has positioned the company as the spine company of choice among both surgeons and distributors,” said Mr. Cirino. “I am thrilled to join this outstanding team and look forward to contributing to their powerful vision.”
Inducement Awards
As an inducement to accepting employment with the Company, on June 30, 2018, the Compensation Committee of the Company’s Board of Directors approved a restricted stock unit award to Mr. Cirino with respect to 39,619 shares of SeaSpine common stock, as well as restricted stock unit awards to seven new, non-executive employees with respect to an aggregate of 6,660 shares of SeaSpine common stock. The awards are being granted under SeaSpine’s 2018 Employment Inducement Incentive Award Plan, which was adopted on June 29, 2018, and provides for the granting of equity awards to new employees of SeaSpine. The awards will be granted effective on the date SeaSpine files a registration statement registering the common stock underlying the awards, which filing is expected to occur this month, and will vest in substantially equal installments on each of the first three anniversaries of the grant date. The awards are intended to comply with Nasdaq Marketplace Rule 5635(c)(4).
About SeaSpine
SeaSpine (www.seaspine.com) is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal implants solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. SeaSpine’s orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine’s spinal implants portfolio consists of an extensive line of products to facilitate spinal fusion in minimally invasive surgery (MIS), complex spine, deformity and degenerative procedures. Expertise in both orthobiologic sciences and spinal implants product development allows SeaSpine to offer its surgeon customers a differentiated portfolio and a complete procedural solution to meet their fusion requirements. SeaSpine currently markets its products in the United States and in over 30 countries worldwide.
Forward-Looking Statements
SeaSpine cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that are based on the Company’s current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements relating to: Mr. Cirino’s ability to leverage the Company’s recently launched products to accelerate revenue growth and Mr. Cirino’s ability to strengthen the Company’s product innovation and ability to deliver cost effective solutions to improve the quality of patient lives. Among the factors that could cause or contribute to material differences between the Company’s actual results and the expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to: surgeons’ willingness to continue to use the Company’s existing products and to adopt its newly launched products; the ability of newly launched products to perform as designed and intended and to meet the needs of surgeons and patients; the Company’s ability to attract new, high-quality distributors; pricing pressure; supply shortages; the Company’s ability to continue to invest in medical education and training, product development, and/or sales and marketing initiatives at levels sufficient to drive future revenue growth; and other risks and uncertainties more fully described in the Company’s news releases and periodic filings with the Securities and Exchange Commission. The Company’s public filings with the Securities and Exchange Commission are available at www.sec.gov.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. SeaSpine does not intend to revise or update any forward-looking statement set forth in this news release to reflect events or circumstances arising after the date hereof, except as may be required by law.
Investor Relations Contact
Lynn Pieper
(415) 937-5402
ir@seaspine.com
