CARLSBAD, Calif., Aug. 15, 2019 (GLOBE NEWSWIRE) — Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a medical device company dedicated to revolutionizing the approach to spine surgery, announced today the appointment of Eric Dasso as Executive Vice President, Adjunctive Technologies. The Company also announced the appointment of Wyatt Stanfield as Area Vice President, Sales, West, and Timothy Day as Territory Development Manager, Northeast, to further the development of ATEC’s strategic sales channel.
“We continue to attract spine’s most prolific talent, and I couldn’t be more excited to welcome these proven high performers to the family,” said Pat Miles, Chairman and Chief Executive Officer. “I have known Eric for nearly 20 years. During that time, I watched him expertly oversee the launch of over 75 products, skillfully manage large-scale businesses and demonstrate unrivaled market-building prowess. I have utmost confidence that his know-how and focus will profoundly advance the clinical impact of Alpha InformatiX, our highly differentiated platform for advanced surgical technologies. I can’t wait to partner with him to render spine’s new Organic Innovation Machine even more formidable!”
Having successfully commercialized products and procedural solutions that currently generate more than $1 billion in annual revenue, Dasso brings a distinguished track record of marketing and product development team leadership. He joins ATEC following a seventeen-year tenure at NuVasive, Inc., where he most recently was Vice President, Global Implant Systems, leading the worldwide marketing and development effort for its portfolio of implants. Prior to that role, Dasso served in various positions of increasing responsibility.
Stanfield joins ATEC following 12 years of escalating sales leadership responsibilities with Stryker Spine, where he most recently served as Area Vice President of Sales, West, overseeing ten states in the Western U.S. With a proven track record of quota achievement, year-over-year growth, and the development and retention of award-winning sales teams, Stanfield specializes in building high-performance sales teams in both direct and distribution-based models.
“I am thrilled to welcome Wyatt to the ATEC sales leadership team,” said David Sponsel, Executive Vice President, Sales. “Over the many years that we’ve collaborated, he has proven to be a purpose-driven, inspirational leader with extraordinary integrity. I am confident that his expertise will contribute significantly to ATEC’s sales transformation and growth in the West.”
Day joins ATEC following 12 years in spine sales and sales leadership roles with NuVasive and Medtronic, Inc. Most recently, he served as a Principal Distributor for NuVasive in the Massachusetts and Rhode Island markets, a role he achieved following numerous accolades, including highest global sales performer in 2012. While honoring non-compete restrictions, Day will be responsible for expanding ATEC’s sales presence in the Northeast, then transition to an exclusive ATEC distributor.
Inducement Awards Granted
As an inducement to accepting employment with the Company, and in accordance with applicable Nasdaq listing requirements, the Compensation Committee of the Board of Directors has approved aggregate grants to Messrs. Dasso, Stanfield and Day of, collectively, 250,000 restricted stock units (RSUs) and options to purchase 25,000 shares of the Company’s common stock (“Options”). The grants to Messrs. Dasso, Stanfield and Day are dated August 5, 2019; July 8, 2019; and April 2, 2019 — the respective dates of their employment.
The RSUs will vest in equal annual installments on each of the first four anniversaries of the respective dates of employment. The Options, which have an exercise price of $5.18 per share (based on the closing price of the Company’s common stock on the effective date of the grant), will vest 25 percent on the first anniversary of the grant and in equal monthly installments of 1/36th of the balance of the Options, provided the recipient remains continuously employed by ATEC as of each vesting date. In addition, the RSUs and Options will vest fully upon a change in control of ATEC.
ATEC is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Alphatec Holdings, Inc.
Alphatec Holdings, Inc., through its wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery. ATEC designs, develops and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. The Company markets its products in the U.S. via independent sales agents and a direct sales force.
Additional information can be found at www.atecspine.com.
This press release contains “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. The Company 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. A list and description of these and other factors, risks and uncertainties can be found in the Company’s most recent annual report, and any subsequent quarterly and current reports, filed with the Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements, whether as the result of new information, future events, or otherwise, unless required by law.