PALM BEACH GARDENS, Fla., April 19, 2023 (GLOBE NEWSWIRE) — Accelus, a privately held medical technology company focused on accelerating the adoption of minimally invasive surgery (MIS) as the standard of care in spine, has announced a leadership change and reorganization, as well as the sale of its Remi® Robotic Navigation System assets to Alphatec Holdings, Inc. (Nasdaq: ATEC).
“ATEC’s expertise and resources will facilitate Remi’s scalability and enable it to reach its full potential at an accelerated pace,” said Accelus President and Chief Executive Officer Kevin McGann. “We are proud of the advancements we were able to make with the Remi technology, broadening market access through 510(k) clearances on numerous imaging platforms over the past two years and are excited to refocus the company on our organic growth opportunities through our innovative implant technology.”
The sale of the Remi platform will enable Accelus to focus on its core competencies, including its Adaptive Geometry™ technology and innovative implant systems, including its flagship FlareHawk® Interbody Fusion System, LineSider® Spinal System, and new Toro™ Lateral (Toro-L) Interbody Fusion System. As part of the transaction, ATEC will assume Accelus’s robotic research and development lab in Boulder, Colorado, and Accelus Chief Technology Officer Brad Clayton and certain other employees key to the Remi business will transition to join the ATEC team.
The capital provided by the sale of the Remi technology will allow Accelus to invest internally, helping the company to improve its offerings more rapidly for both minimally invasive and endoscopic spine surgery. The company also plans to streamline its operations to optimize efficiency, reduce costs and enhance its ability to deliver value to customers. This focus on profitability will enable the company to continue to invest in innovation and grow the business over the long term.
Alongside the transaction with ATEC, Kevin McGann, who previously served as Accelus’s President, has been appointed by its board of directors to serve as President and CEO. Chris Walsh, who co-founded Accelus, will be stepping down to pursue other opportunities.
“On behalf of the Board, we are grateful to Chris for his strategic vision developing an impressive portfolio of spine products over the past seven years and positioning the company for strong growth in the years to come,” said Alex Lukianov, Chairman of Accelus’s board. “We are also pleased to announce that Kevin McGann will assume the responsibilities of our Chief Executive Officer. Kevin has the ability to translate his strategic vision into growth and profitability for the company’s sustainable and long-term success, and we look forward to seeing tremendous success under Kevin’s leadership.”
McGann has an extensive background in the medical device industry, holding leadership positions at Kyphon, Medtronic, and Stryker Spine. McGann joined Accelus as Chief Commercial Officer in 2019 before being promoted to President in 2020, and has been working closely with the Accelus senior management team and board of directors to develop a new strategic plan and vision for the company after the sale of its Remi Robotic Navigation System assets.
“I am honored to lead our team in fulfilling our mission and delivering innovative implant technology to our customers,” said McGann. “I am dedicated to leveraging the value we have built to capitalize on the significant organic growth opportunities that lie ahead for the company. My primary goal as CEO is to drive profitability and foster a culture of excellence and innovation that positions Accelus for long-term success.”
Chris Walsh, who previously served as Accelus CEO, expressed his support for the board’s choice. “I have the utmost confidence in Kevin and tremendous respect and gratitude for the employees of Accelus, and I know they will be able to honor the opportunity of further developing products that have and will continue to markedly accelerate minimally invasive spine surgery.”
As Accelus’s principal fundraiser, Walsh brought the FlareHawk, LineSider, Toro and Remi platforms from inception through commercialization, growing revenue for the company during each year of his tenure. Accelus’s flagship FlareHawk Lumbar Interbody Fusion Device received FDA clearance in 2016 and CE mark approval in 2021, and to date more than 19,000 FlareHawk devices have been implanted worldwide. Integrity Implants also holds FDA clearances for its LineSider Spinal System pedicle screws and Toro-L Interbody Fusion System, which is currently in an alpha launch phase. For more information on Accelus and its innovative product portfolio, please visit www.accelusinc.com.
Advisors
Piper Sandler served as exclusive financial advisor to Accelus. Brown Rudnick LLP served as legal advisor to Accelus.
About Accelus
Accelus is a privately held medical device company headquartered in Palm Beach Gardens, Fla. The company is committed to accelerating minimally invasive and endoscopic spine surgery through its innovative spine products and solutions. Its proprietary Adaptive Geometry™ technology fundamentally respects a patient’s neural, vascular, bony and soft tissue anatomy both during and after implantation. Learn more at www.accelusinc.com.
