Accelus Sells Remi Robotic Navigation System to Alphatec

Accelus has reorganized its top leadership and sold its Remi Robotic Navigation System assets to Alphatec Holdings Inc. 
 
“ATEC’s expertise and resources will facilitate Remi’s scalability and enable it to reach its full potential at an accelerated pace,” Accelus President and CEO Kevin McGann said. “We are proud of the advancements we were able to make with the Remi technology, broadening market access through 510(k) clearances on numerous imaging platforms over the past two years and are excited to refocus the company on our organic growth opportunities through our innovative implant technology.”
 
By selling the Remi platform, Accelus can focus on its core competencies, including its Adaptive Geometry technology and implant systems, including its flagship FlareHawk Interbody Fusion System, LineSider Spinal System, and new Toro Lateral (Toro-L) Interbody Fusion System. As part of the transaction, ATEC will assume Accelus’s robotic research and development lab in Boulder, Colo., and Accelus Chief Technology Officer Brad Clayton and certain other employees key to the Remi business will transition to join the ATEC team.
 
The capital provided by the Remi technology sale will allow Accelus to invest internally, helping the company to improve its offerings more rapidly for both minimally invasive and endoscopic spine surgery. The company also plans to streamline its operations to optimize efficiency, reduce costs and enhance its ability to deliver value to customers. This focus on profitability will enable the company to continue to invest in innovation and grow the business over the long term.
 
Alongside the transaction with ATEC, McGann, who previously served as Accelus’s president, has been appointed by its Board of Directors to serve as president and CEO. Chris Walsh, who co-founded Accelus, will be stepping down to pursue other opportunities.
 
“On behalf of the board, we are grateful to Chris for his strategic vision developing an impressive portfolio of spine products over the past seven years and positioning the company for strong growth in the years to come,” Accelus Board Chairman Alex Lukianov stated. “We are also pleased to announce that Kevin McGann will assume the responsibilities of our Chief Executive Officer. Kevin has the ability to translate his strategic vision into growth and profitability for the company’s sustainable and long-term success, and we look forward to seeing tremendous success under Kevin’s leadership.”
 
McGann has an extensive background in the medical device industry, holding leadership positions at Kyphon, Medtronic plc, and Stryker Spine. McGann joined Accelus as chief commercial officer in 2019 before being promoted to president in 2020, and has been working closely with the Accelus senior management team and board of directors to develop a new strategic plan and vision for the company after the sale of its Remi Robotic Navigation System assets.
 
“I am honored to lead our team in fulfilling our mission and delivering implant technology to our customers,” McGann said. “I am dedicated to leveraging the value we have built to capitalize on the significant organic growth opportunities that lie ahead for the company. My primary goal as CEO is to drive profitability and foster a culture of excellence and innovation that positions Accelus for long-term success.”
 
Former CEO Walsh expressed his support for the board’s choice. “I have the utmost confidence in Kevin and tremendous respect and gratitude for the employees of Accelus, and I know they will be able to honor the opportunity of further developing products that have and will continue to markedly accelerate minimally invasive spine surgery.”
 
As Accelus’s principal fundraiser, Walsh brought the FlareHawk, LineSider, Toro and Remi platforms from inception through commercialization, growing revenue for the company during each year of his tenure. Accelus’s flagship FlareHawk Lumbar Interbody Fusion Device received U.S. Food and Drug Administration (FDA) clearance in 2016 and CE mark approval in 2021, and to date more than 19,000 FlareHawk devices have been implanted worldwide. Integrity Implants also holds FDA clearances for its LineSider Spinal System pedicle screws and Toro-L Interbody Fusion System, which is currently in an alpha launch phase. 
 
Piper Sandler served as exclusive financial advisor to Accelus. Brown Rudnick LLP served as legal advisor to Accelus.
 
Accelus is a privately held medical device company headquartered in Palm Beach Gardens, Fla. The company develops minimally invasive and endoscopic spine surgery products and solutions. Its proprietary Adaptive Geometry technology fundamentally respects a patient’s neural, vascular, bony and soft tissue anatomy both during and after implantation.