|[January 08, 2014]
Globus Medical Announces Acquisition of Robotics Developer Excelsius Surgical
AUDUBON, Pa. --(Business Wire)--
Medical, Inc. (NYSE: GMED), a leading musculoskeletal implant
manufacturer, today announced that it has acquired Excelsius Surgical.
Excelsius Surgical is developing a next generation surgical robotic
positioning platform for spine, brain and therapeutic markets. The
Excelsius Surgical system is a robotic surgical aid for navigating and
facilitating surgical access, implant sizing, positioning and placement,
and is designed to enable surgeons to perform procedures more quickly
and with greater accuracy, safety and reproducibility than is currently
available in the marketplace today.
"We are very excited by the strategic fit and potential of Excelsius
Surgical. Our product development efforts focus on products designed to
minimize tissue disruption, blood loss and surgical complications, and
we believe that the use of advanced technology solutions, such as the
Excelsius Surgical system, will enable surgeons to consistently achieve
better surgical outcomes," said David Paul, Chairman and CEO of Globus.
"Recent trends in the adoption of navigation technology as well as
advancements in imaging only serve to reinforce our belief that
technology will play an increasingly greater role in surgery in the
future. We believe that this acquisition positions Globus to be a leader
in this important area."
Nicholas Theodore, MD, co-founder of Excelsius Surgical, commented, "We
started Excelsius Surgical to develop a surgical technology that would
improve clinical outcomes. We combined robotics and imaging with the
goal of enabling surgeons to reproducibly and cost effectively perform
robotically assisted, minimally invasive surgery with fewer
complications and less trauma, as well as reducing radiation exposure
for patients, surgeons and operating room personnel. We are proud of our
development progress to date and believe that Globus will be a great
partner to bring this technology to the market."
The Excelsius Surgical robotic positioning system is being designed to
integrate intra-operative digital imaging with a sphisticated robotic
surgical assistant that maintains anatomical positioning during the
surgery with sub-millimeter accuracy. The technology was developed in
conjunction with Dignity Health's Barrow Neurological Institute at St.
Joseph's Hospital and Medical Center in Phoenix, AZ. Co-founders Neil R.
Crawford, PhD, Associate Professor of Spinal Biomechanics at Barrow, and
Nicholas Theodore, MD, neurosurgeon and Chief of Spine Surgery at
Barrow, led the development of the technology.
Financial terms of the transaction were not disclosed. Globus expects to
obtain FDA clearance to market the robotic positioning system in 2015,
with commercial sales expected in 2016. The potential dilutive impact of
continued development expenses to Globus' earnings in 2014 is estimated
to be 5 to 7 cents per fully diluted share.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal implant company based
in Audubon, PA. The company was founded in 2003 by an experienced team
of professionals with a shared vision to create products that enable
surgeons to promote healing in patients with musculoskeletal disorders.
Additional information can be accessed at www.globusmedical.com.
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