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Following a competitive court-supervised marketing and sale process, including a competitive auction, Surgalign has selected Xtant Medical as the successful bidder for its hardware and biologics assets and Augmedics as the successful bidder for its digital health assets.
Xtant’s bid for the hardware and biologics assets consists of a cash purchase price of $5 million and the assumption of certain liabilities.
In addition, Augmedics’ bid for the digital health assets consists of a cash purchase price of $900,000 and the assumption of certain liabilities. This includes the HOLO Portal Surgical Guidance System, which Surgalign acquired in late 2020.
Both of the bids maximize the value and minimize the remaining duration of Surgalign’s Chapter 11 proceedings by providing a clear path forward to consummate a Chapter 11 plan and return value to stakeholders.
Terry Rich, President and Chief Executive Officer of Surgalign, said, “We are pleased to have concluded the sale process and believe with Xtant and Augmedics, our technology and its potential will live on. I cannot thank our customers and partners enough for their support through this process. Further, I want to acknowledge the entire Surgalign team for their unwavering commitment throughout the years, and for their ongoing passion to develop the best solutions to help drive better patient outcomes.”
Source: Surgalign Holdings, Inc.
