Surgalign Announces Global Settlement Agreement with Resolve Surgical Technologies and RTI Surgical, Inc.
August 10 2022 - 8:30AM
Surgalign Holdings, Inc., (NASDAQ: SRGA) a global medical
technology company focused on elevating the standard of care by
driving the evolution of digital health, today announced that
effective August 5, 2022, the Company entered into a global
settlement agreement with Pioneer Surgical Technology, Inc. d/b/a
Resolve Surgical Technologies and RTI Surgical, Inc. (together
“RTI”), relating to the sale of its OEM business in 2020 and the
continued relationship the Company has had with RTI since. As part
of the settlement, the parties have amended various agreements,
including the distribution agreements for spinal implants and
biologics.
As per the terms of the agreement, all parties have settled the
litigation and released each other from potential claims. The
amendments released Surgalign from the obligation to cure a
purchase shortfall for the current year and reduced the minimum
annual purchase requirements. In addition, the sole-source
relationship has been extended for an additional two years with
updated supply chain provisions reflecting the separation of
Surgalign and Resolve/RTI.
“We are pleased to settle the dispute with Resolve and RTI and
look forward to the future business our companies can do together,”
said Terry Rich, President and CEO of Surgalign. “The negotiations
gave us the opportunity to work through post-split issues that we
identified over the past two years, following separation. The newly
amended contracts are a better fit for our ongoing relationship and
our current business.”
Surgalign and Resolve/RTI separated in July 2020 with the sale
of the OEM business. Resolve/RTI continues to provide products
distributed by Surgalign in the United States and in approximately
50 countries worldwide.
About Surgalign Holdings, Inc.Surgalign
Holdings, Inc. is a global medical technology company committed to
the promise of digital health to drive transformation across the
surgical landscape. Uniquely aligned and resourced to advance the
standard of care, the company is building technologies physicians
and other health providers will look to for what is truly possible
for their patients. Surgalign is focused on developing solutions
that predictably deliver superior clinical and economic outcomes.
Surgalign markets products throughout the United States and in
approximately 50 countries worldwide through an expanding network
of top independent distributors. Surgalign is headquartered in
Deerfield, IL, with commercial, innovation and design centers in
San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany.
Learn more at www.surgalign.com and connect on LinkedIn and
Twitter.
Forward Looking StatementThis press release
contains forward-looking statements based on management’s current
expectations, estimates and projections about our products,
company, and industry, our management's beliefs, and certain
assumptions made by our management. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
and other variations of such words and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to risks and uncertainties, including the risks described in our
public filings with the U.S. Securities and Exchange Commission
(SEC). Our actual results may differ materially from the
anticipated results reflected in these forward-looking statements.
Copies of the company's SEC filings may be obtained by contacting
the company or the SEC or by visiting Surgalign's website
at www.surgalign.com or the SEC's website
at www.sec.gov.
Investor and Media Contact: |
|
Surgalign Contact: |
Glenn Wiener |
|
Kristine Simmons |
E: gwiener@gwcco.com |
|
E: ksimmons@surgalign.com |
T: +1 917 887 8434 |
|
T: +1 619 206 4648 |
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