VISTA, Calif., July 2, 2015 (GLOBE NEWSWIRE) -- SeaSpine Holdings Corporation (NASDAQ:SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced the completion of its tax-free spinoff from Integra LifeSciences Holdings Corporation (NASDAQ:IART). Beginning today, SeaSpine shares will commence "regular-way" trading on the NASDAQ Global Market.
"Today marks a meaningful milestone for SeaSpine, as we reposition the company for innovation and growth," said Keith Valentine, President and Chief Executive Officer of SeaSpine. "We are well positioned in the spine market with a leading orthobiologics platform, a robust R&D pipeline with several novel product launches expected this calendar year, and a strong balance sheet with $47 million of cash and no debt post-spin to fund growth initiatives. We are confident in our ability to deliver long-term growth and value creation to our shareholders as an independent company."
The distribution of SeaSpine common stock took place on July 1, 2015. Each holder of Integra common stock as of 5:00 pm ET on June 19, 2015, the record date for the distribution, received a distribution of one share of SeaSpine common stock for every three shares of Integra common stock held.
SeaSpine is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal fusion hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. SeaSpine's orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine's spinal fusion hardware portfolio consists of an extensive line of products to facilitate spinal fusion in minimally invasive surgery (MIS), complex spine, deformity and degenerative procedures. Expertise in both orthobiologic sciences and spinal fusion hardware product development allows SeaSpine to offer its surgeon customers a differentiated portfolio and a complete solution to meet their fusion requirements. SeaSpine currently markets its products through a network of independent sales agents in the United States and through stocking distributors in over 30 countries worldwide. Read more about SeaSpine at the company's website, www.seaspine.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. These risks include but are not limited to actions by governmental and regulatory authorities; delays, costs and difficulties related to the spin-off and the operation as a separate, publicly traded company following the spin-off; general economic and political conditions globally and in the markets in which SeaSpine does business and other factors identified under the heading "Risk Factors" of SeaSpine's Form 10 Registration Statement, as amended, filed with the Securities and Exchange Commission. These forward-looking statements are made only as the date thereof, and SeaSpine undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Investor Relations Contact: Lynn Pieper or Leigh Salvo (415) 513-1281 firstname.lastname@example.orgSource:SeaSpine