- Associated Press - Tuesday, July 28, 2015

July 28—A Montana-based biological products manufacturer plans to purchase the outstanding shares in X-spine Systems Inc., a privately held spinal implant manufacturer headquartered in Miamisburg, company officials announced Tuesday.

Bacterin International Holdings Inc., which develops, manufactures and markets bone graft material, will acquire X-spine Systems’ outstanding shares in exchange for 4.24 million shares of Bacterin common stock and about $60 million in cash. The deal is subject to customary working capital adjustments, including the extinguishment in about $13 million in X-spine debt.

Officials said the transaction will positioned the combined company as a comprehensive supplier for spine surgery procedures that offers both hardware and biologics through a larger national distribution footprint.

Concurrent with the closing, Bacterin will change its name to Xtant Medical Holdings Inc.

Dr. David Kirschman, currently X-spine’s chief executive, will join the management team and serve as Xtant’s executive vice president and chief scientific officer. He also will be president of X-spine Systems, the hardware subsidiary. In addition, Kirschman will be appointed to Xtant’s board of directors.

X-spine Systems, headquartered at 452 Alexandersville Road in Miamisburg, employs about 70 workers.


(c)2015 the Dayton Daily News (Dayton, Ohio)

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