Spine device company Surgalign Holdings has acquired Chicago-based medtech company Holo Surgical, according to an Oct. 23 announcement.
What you should know:
1. RTI Surgical rebranded as Surgalign Holdings in July after the company sold its original equipment manufacturer business to Montague Private Equity for $480 million.
2. Holo Surgical's flagship technology, the ARAI surgical navigation system is included in the deal. The augmented reality and artificial intelligence system is patented and has passed clinical testing.
3. ARAI uses AI to autonomously segment and analyze patient anatomy and identity. The system has the ability to color code the patient's organs so spine surgeons can see the organs as if they were not covered by skin, muscles and connective tissue.
4. Christian Luciano, PhD, a virtual reality and AR specialist, has joined Surgalign as head of its R&D initiatives.
5. Spine surgeon Kris Siemionow, MD, PhD, was appointed CMO. He will be responsible for the development of the ARIA platform.
6. Terms of the acquisition included a $30 million cash payment and 6.25 million shares of Surgalign common stock valued at about $12 million. Further consideration valued at up to $83 million may be paid in stock and cash if regulatory, developmental and commercial goals are met.