Orthofix International Acquires Intellectual Property for Next Generation Spinal System

Orthofix International N.V. announced that it has acquired the intellectual property (IP) and related technology for a next generation spinal fixation system from Intelligent Implant Systems, LLC (IIS).

The innovative system is designed for the posterior treatment of disorders along the entire spine. The titanium implants are locked in place with the use of a unique cap that does not require the use of a torque wrench, which simplifies the implant process.

Based in Charlotte, N.C., IIS has a history of successfully developing new technology for the spine market. The company combines significant experience in the development of intellectual property with a broad internal prototyping capacity. “We are excited to be working with Orthofix and the experienced team in its spine division,” said Marc Richelsoph, President and CEO of IIS. “We believe this new system will bring a unique combination of smaller implants and state-of-the-art polyaxial screw technology to spine surgeons around the world.”

Orthofix’s CEO, Alan Milinazzo, stated “We’re very pleased to be working with IIS, which has a proven track record of working with major spine companies and developing innovative spine products to benefit patients around the world. This transaction with IIS demonstrates Orthofix’s ongoing commitment to building a unique portfolio of spine products and making new technologies available to spine surgeons. Set for release in late 2010, this next generation spine system will be an important part of a series of planned product launches beginning in 2009 as the result of both our own R&D efforts as well as additional inorganic transactions.”

Under the terms of the agreement Orthofix will pay IIS up to $7 million for the assignment of the IP and other performance milestones, including $2.5 million up front.