dilluns, 27 de març del 2017

Alphatec raises $19m in private placement

Alphatec SpineAlphatec (NSDQ:ATEC) said it inked a deal to raise roughly $18.9 million in a private placement led by “new healthcare-dedicated institutional investors.”

The placement, expected to close March 28, also included Alphatec directors and executives and other existing backers, the company said. The proceeds are earmarked for general corporate and working capital expenses, Alphatec said.

“We appreciate the support of our new and existing investors and the confidence this conveys in our strategy to build a high-growth spine company,” CEO Terry Rich said in prepared remarks. “We believe the additional capital will allow us to execute on our plans to expand our surgeon customer base, drive growth through the launch of our new products – Arsenal deformity, Battalion lateral and XYcor expandable interbody – as well as support the transformation of our distribution channel.”

H.C. Wainwright & Co. is the placement agent for the deal, which calls for Alphatec to sell 1.8 million shares at $2 each, plus about 15,000 shares of newly issued stock convertible to more than 7.6 million shares. The placement also includes 5-year warrants for another 9.2 million common shares at an exercise price of $2 apiece.

Some Alphatec executives are in for an aggregate $2.4 million stake in the convertible shares, which amount to about 1.2 million shares with warrants for another 1.2 million, again at $2 per, the company said.

The post Alphatec raises $19m in private placement appeared first on MassDevice.



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