CARLSBAD, Calif., April 3, 2008 (PRIME NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), a leading medical technology company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders, announced today that veteran executive, Mitsuo Asai, has agreed to join the company as President of Alphatec Pacific, Inc. ("API"), a wholly owned subsidiary of Alphatec Holdings, Inc.
"Mr. Asai brings an extensive background in leadership, and his emphasis on team building is exactly what Alphatec was looking for as we continue to expand our sales and distribution reach throughout Japan and the rest of Asia," said Dirk Kuyper, Alphatec's President and Chief Executive Officer. "We look forward to working with Mitsuo to leverage his talents to grow Alphatec in this region and help us capitalize on our wide platform of spinal solutions targeted at the aging population. Asia is a key market for some of our focus areas including osteoporosis, vertebral compression fractures, stenosis and other spinal deformities."
"I am very excited to join an industry leading company that is fast-moving, driven to succeed and has tremendous opportunity ahead of it," said Mr. Asai. "I look forward to bringing my experience and skills to Alphatec, whose innovative technology and products could transform the spinal disorder marketplace for spine surgeons and their patients."
Mr. Asai, who was selected after an extensive international search, had been the President of Tokai Co., Ltd., a manufacturer of consumer goods with annual sales of approximately 10 billion yen (approximately US$100 million) and over 285 employees, since 2006. From 2002 to 2004, Mr. Asai served as General Manager and President of Virbac Japan Co., Ltd., a company that focused on veterinary pharmaceuticals and healthcare products. From 1998 to 2002, Mr. Asai served as President and CEO of Vital Link Corporation, a distributor of cardiovascular medical devices in Japan. From 1985 to 1996, Mr. Asai held various positions of increasing responsibility with Beckman Coulter, K.K., a leading manufacturer of biomedical testing instrument systems. Mr. Asai earned a Bachelor of Arts in Law from Kyoto Ryukoku University in 1979.
About Alphatec
Alphatec Holdings, Inc. (Nasdaq:ATEC) designs, develops, manufactures and markets products for the surgical treatment of spine disorders. Alphatec's broad product portfolio and pipeline includes a variety of spinal implant products and systems focused on solutions addressing the cervical, thoracolumbar, intervertebral, minimally invasive, motion preservation, vertebral compression fractures and allograft markets. Alphatec's "surgeons' culture" emphasizes collaboration with spinal surgeons to conceptualize, design and co-develop a broad range of products. State-of-the-art in-house manufacturing capabilities provide a unique competitive advantage, enabling Alphatec to rapidly deliver customized solutions to meet surgeons' and patients' critical needs. Alphatec has 23 issued U.S. patents, six issued foreign patents and 30 pending patent applications, including 10 pending U.S. applications, six pending international applications and 15 pending foreign national applications. Alphatec's principal product offerings are primarily focused on the global spine implant and biologics market, which is estimated to be more than $7.0 billion in 2007. In addition to its U.S. operations, Alphatec also markets a range of spine and orthopedic products in Asia through its subsidiary, Alphatec Pacific, Inc. For more information, please visit www.alphatecspine.com.
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Forward Looking Statements
This press release may contain "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. These forward-looking statements include, but are not limited to: Alphatec's expected revenues in 2008, Alphatec's ability to accelerate new product momentum, bring to market differentiated products and commercialize its product pipeline. 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 successfully control its costs, Alphatec's ability to successfully leverage upon the experience of its Scientific Advisory Board, Alphatec's ability to develop and expand its spine fusion business in the United States, Asia and Europe, Alphatec's ability to enter the high-growth areas of spine disorders, including the market for disorders that are prevalent in aging patients, Alphatec's ability to meet fiscal year 2008 global revenue guidance, Alphatec's ability to expand and maintain a successful sales and marketing organization, continuation of favorable third party payor reimbursement for procedures performed using Alphatec's products, unanticipated expenses or liabilities or other adverse events affecting cash flow or Alphatec's ability to successfully control its costs or achieve profitability, uncertainty of additional funding, uncertainty of success in developing new products or products currently in Alphatec's pipeline, including without limitation the products described in this press release and those products that are intended to treat disorders prevalent in aging patients, uncertainty of success in bringing to market differentiated products that meet the evolving needs of the contemporary spine surgeon, demanding patients, and cost conscience healthcare providers, failure to successfully introduce, develop and commercialize new products, failure to achieve acceptance of Alphatec's products by the surgeon community, failure to obtain FDA clearance or approval for new products, 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 Alphatec's intellectual property. Please refer to 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. Alphatec disclaims 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.