Contacts: Marc Viscogliosi, VB LLC, (212) 583-9700 ext. 103
Nick Kilsby, EKK PR, (203) 406-8800 ext. 21
Jessica Carten, EKK PR, (203) 406-8800 ext. 19
SPINE SOLUTIONS COMPLETES $350 MILLION MERGER
New York: April 4 2003 - Spine Solutions, Inc. completed a previously
announced $350 million merger agreement with Synthes-Stratec, Inc, Oberdorf,
Switzerland. Synthes-Stratec is making an immediate cash payment of
$175 million with a further $175 million payable upon Spine Solutions
achieving certain milestones relating to FDA approval of its lumbar
and cervical artificial disc products.
Spine Solutions’ ProDisc total spine replacement system has been
in FDA Investigational Device Exemption (IDE) clinical studies since
October, 2001. To date more than 2,300 lumbar discs have been implanted
in patients in 26 countries outside the US where ProDisc is already
Marc R.Viscogliosi, a senior partner at Viscogliosi Bros. LLC, a controlling
shareholder in Spine Solutions, said: “Although we had discussions
with all of the leading players in the spine industry, we felt that
Synthes-Stratec’s offer would deliver the greatest value to shareholders.
ProDisc uniquely complements Synthes’ existing range of spine
products. Also, Synthes’ US marketing and distribution reach will
have a synergistic effect on the proposed commercialization of ProDisc
in North America by accelerating acceptance for spine arthroplasty as
an alternative to fusion.”
As previously noted, Spine Solutions will operate as an independent
subsidiary of Synthes-Stratec. ProDisc will also continue to be sold
through distributors in Europe, Asia, the Middle East and Latin America.
The patented ProDisc system for lumbar disc replacement is designed
with materials long used in orthopedic implant devices, including knee
and hip replacements. The disc consists of three elements: a core of
ultra-high molecular-weight-polyethylene that attaches to the bottom
piece of two cobalt-chromium alloy end-plates.
The technology was first developed in the late 1980s by Dr. Thierry
Marnay, in Montpellier, France and refined in cooperation with Aesculap
AG & Co. in Germany.
A study completed in 2000 of 64 patients implanted with ProDisc during
the period 1990-1993 found 93 percent satisfaction in key areas such
as mobility and comfort.
In 1999, Viscogliosi Bros. LLC, a private banking and venture capital
firm specializing in the orthopedic industry, established Spine Solutions,
Inc., with Aesculap, a unit of B.Braun Melsungen AG, as a development
stage company to acquire and commercialize the ProDisc system worldwide.
For information go to: www.spinesolutionsinc.com
> Back to Press Releases