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CARLSBAD, Calif., Sept. 27, 2018 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a provider of innovative spine surgery solutions with a mission to improve patient lives through the relentless pursuit of superior outcomes, today announced the appointment of Mark Ojeda as Executive Vice President, Cervical and Biologics. The Company also announced the additions of Darrell Wilson and Mason Zabel, who have joined the Company as Territory Development Managers for the central United States.
“The new ATEC continues to attract the best and brightest in spine, and I am thrilled to welcome these outstanding individuals to the family,” said Pat Miles, Chairman and Chief Executive Officer. “I’m looking forward to working closely with Mark again to bring profound innovation to a market that is ripe for it. His proven expertise will elevate our sophistication in cervical and biologics, two key segments of the market where ATEC currently is underrepresented. He has unsurpassed business-building know-how, a passion for developing surgeon partners to drive market adoption, and a depth of experience with integrating multiple technologies into highly differentiated procedural solutions. We are clearly assembling the most accomplished, effective talent in the industry, and with Mark’s addition, our cervical spine team is second to none.”
As a recognized leader in the orthopedic/spine industry, Ojeda brings a 25-year track record of successfully leading marketing and product development teams and has successfully commercialized cervical and biologics products and procedural solutions that have collectively generated hundreds of millions in revenue. He joins ATEC following a twelve-year tenure at NuVasive, Inc., where he most recently was Vice President of Cervicothoracic Systems, credited with leading the evolution of the product portfolio and transforming the cervical product team. In his previous role as NuVasive’s Vice President of Global Integrated Products and Services, Ojeda was responsible for integrating intraoperative monitoring and biologics technologies across the lumbar and cervical business units. Prior to joining NuVasive, he held various leadership roles at Smith & Nephew and Medtronic Sofamor Danek.
Wilson joins ATEC following 15 years in sales and sales management roles with Stryker Spine, where he was consistently recognized for outstanding sales performance. Zabel joins ATEC following more than 13 years in sales and sales management positions at both DePuy Synthes and Stryker Spine, where he helped to substantially grow the minimally invasive surgery (MIS) division.
Inducement Awards Granted
As an inducement to accepting employment with the Company, and in accordance with applicable Nasdaq listing requirements, the Compensation Committee of the Board of Directors has approved aggregate grants to Messrs. Ojeda, Wilson, and Zabel of, collectively, 125,000 restricted stock units (RSUs) and options to purchase 50,000 shares of the Company’s common stock (“Options”). The grants to Messrs. Wilson and Zabel are dated August 22, 2018, and the grants to Mr. Ojeda are dated September 17, 2018 — the respective dates of employment of each new employee.
The RSUs will vest in equal annual installments on each of the first four anniversaries of the respective dates of employment set forth above. The Options, which have an exercise price of $3.85 and $3.34 per share (based on the closing prices of the Company’s common stock on the respective effective dates of the grants), will vest 25 percent on the first anniversary of the grants and in equal monthly installments of 1/36th of the balance of the Options, provided the recipient remains continuously employed by ATEC as of such vesting date. In addition, the RSUs and Options will fully vest upon a change in control of ATEC.
ATEC is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Alphatec Holdings, Inc.
Alphatec Holdings, Inc., through its wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a medical device company that designs, develops, and markets technology for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force.
Alphatec, Alphatec Spine, the Alphatec logo, and SafeOp Surgical are trademarks or registered trademarks of Alphatec Holdings, Inc., its affiliates and/or subsidiary companies. All other marks are the property of their owners.
Additional information can be found at www.atecspine.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. A list and description of these and other factors, risks and uncertainties can be found in the Company's most recent annual report, and any subsequent quarterly and current reports, filed with the Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements.
Executive Vice President and Chief Financial Officer
Alphatec Holdings, Inc.