Xtant Medical has acquired Surgalign's Coflex product line for $17 million.
Coflex is an interlaminar stabilization device used after an open decompression, and Cofix is a supplemental minimally invasive fixation device, according to a March 1 news release from Xtant. The acquisition strengthens Xtant's offerings and supports Surgalign's balance sheet as it focuses on digital health.
"This transaction provides us with non-dilutive capital which will be used to advance our leading platform of artificial intelligence products across the entire continuum of care," Terry Rich, president and CEO of Surgalign said in the release. "Moving forward, we are focused on commercializing our HOLO Portal Surgical Guidance System, our soon to be launched HOLO AI Insights for research-use, and further developing our HOLO AI platform, while driving innovation in our remaining product lines to improve patient outcomes."