AMEDICA ANNOUNCES AGREEMENT TO SELL SPINE BUSINESS TO CTL MEDICAL (press release)
SALT LAKE CITY, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Amedica Corporation (NASDAQ:AMDA) today announced that it has entered into an asset purchase agreement with CTL Medical, a Dallas, TX-based privately held medical device manufacturer that focuses on the spine implant and instrument market, whereby CTL Medical will acquire all of Amedica's commercial spine business for total consideration of up to $10 million. The transaction is expected to close in the third quarter of 2018, and is subject to usual and customary due diligence and closing conditions.
The agreement will make CTL Medical the exclusive owner of Amedica's portfolio of metal and silicon nitride spine products, with access to future silicon nitride spine technologies. As part of the transaction, CTL Medical will acquire Amedica's entire existing inventory of spine products, including US and OUS regulatory clearances and intellectual property related to such. Amedica's products, which are presently sold under the brand names of Taurus, Preference, and Valeo will be transferred to CTL Medical, while manufacturing, R&D, and all intellectua...
