CARLSBAD, Calif., May 1, 2007 (PRIME NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), a leading medical device company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders, announced today that James R. Glynn was elected to Alphatec's board of directors. Mr. Glynn's appointment increases Alphatec's Board of Directors in size from five Directors to six, and increases the number of independent directors from two to three. Mr. Glynn will also serve as the Chairman of Alphatec's Audit Committee.
"Jim has a tremendous amount of leadership experience as a senior executive in healthcare companies and we look forward to his contributions as a member of Alphatec's board of directors, and as Chairman of the Audit Committee," said John H. Foster, Alphatec's President, Chief Executive Officer and Chairman. "After a thorough search process, we determined that Jim's proven leadership skills, broad management experience in growing companies and his hands-on operational expertise would greatly benefit our organization. I am very pleased that Jim shares our vision of building Alphatec into the leading medical device company focused on providing solutions targeted at serving the needs of the spinal disorder marketplace."
"I am very excited to contribute to Alphatec's mission of delivering innovative products and differentiated customer service to spine surgeons and their patients," said Jim R. Glynn. "I'm looking forward to working with Alphatec and Alphatec's board."
From January 2003 to July 2003, Mr. Glynn served as the President and interim Chief Executive Officer of Invitrogen Corp., a publicly held biotechnology company (Nasdaq:IVGN). Mr. Glynn retired from such positions in July 2003. From July 2002 to December 2002, Mr. Glynn was an Executive Vice President at Invitrogen, and from June 1998 to June 2002, he served as Invitrogen's Executive Vice President and Chief Financial Officer. From June 1998 to April 2006 Mr. Glynn served as a member of the board of directors of Invitrogen. From July 1995 to May 1997, he served as Senior Vice President and Chief Financial Officer. From May 1997 to July 1999, he served as the as Chief Operating Officer, Chief Financial Officer and a member of the board of directors of Matrix Pharmaceutical, Inc., a company focusing on the treatment of cancer. Mr. Glynn is currently a member of the board of director of WebSideStory, Inc. a publicly held internet analytics company (Nasdaq:WSSI). Mr. Glynn holds a B.B.A. degree in accounting from Cleveland State University.
About Alphatec
Alphatec Spine is a medical device company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders. As of December 31, 2006, Alphatec had 18 issued U.S. patents, one issued foreign patent and 24 pending patent applications, including sixteen pending U.S. applications, four pending international applications and four pending foreign national applications. Alphatec's principal product offerings are primarily focused on the U.S. spine fusion market, which is estimated to approach $4 billion in 2007, through its wholly-owned subsidiary, Alphatec Spine, Inc., and include a variety of spinal implant products and systems comprised of components such as spine screws, spinal spacers, and plates that offer multiple solutions to address patients' needs. In addition to Alphatec's U.S. presence, it also participates in the Japanese spine disorder and orthopedic trauma markets through its subsidiary, Alphatec Pacific, Inc. Alphatec's mission is to be a values based leader in the spinal device market by providing unmatched service to and taking scientific direction from its surgeon customers. Alphatec does so through its unique in-house manufacturing facility in Carlsbad, California that allows it to respond quickly to surgeon needs and to customize innovative products needed for spine fusion surgery.
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Forward-Looking Statements
This press release may contain forward-looking statements 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. Alphatec 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, including, but not limited to, the following: Alphatec's ability to maintain its level of previously reported sales growth, Alphatec's ability to develop and expand its spine fusion business in the United States and Japan, Alphatec's ability to expand and maintain a successful sales and marketing organization, continuation of favorable third party payor reimbursement for procedures performed using our products, unanticipated expenses or liabilities or other adverse events affecting cash flow or Alphatec's ability to achieve profitability, uncertainty of additional funding, uncertainty of success in developing any new products, failure to successfully introduce and develop new products, including products related to license agreements, failure to obtain FDA clearance or approval for particular devices, including its second-generation polyaxial pedicle screw, Alphatec's ability to compete with other competing products and with emerging new technologies within and outside of spinal fusion, product liability exposure, patent infringement claims and claims related to our intellectual property. Please refer to the risks detailed in Alphatec's Form S-1 on file with the SEC, as well as the risks detailed from time to time in Alphatec's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.