K2M (NSDQ:KTWO) said today it acquired Cardinal Spine‘s Palo Alto cervical static corpectomy cage system desigend as a cervical vertebral body replacement device and all associated intellectual property for an undisclosed amount..
Leesburg, Va.-based K2M touted the device as the first and only static corpectomy cage to receive a cervical FDA 510(k) clearance.
“We are excited to expand our complex cervical offerings by adding the first and only FDA-cleared static cervical vertebral body replacement device. We look forward to fully integrating this clinically supported technology into our differentiated product portfolio, which when complemented by our comprehensive Balance ACS platform, allows surgeons to address the full range of spinal pathologies, and ultimately, to facilitate Total Body Balance in their patients,” K2M prez & CEO Eric Major said in a prepared statement.
The Palo Alto cage system is indicated for use in the cervical spine to replace diseased or damaged vertebral bodies or for reconstruction procedures to achieve decompression of the spinal cord and neural tissues for patients with cervical degenerative disorders, K2M said.
“K2M has always impressed me with their innovative technologies. I’m elated about Palo Alto; the long-term clinical data showed a 96 percent fusion rate. The trapezoidal design helps increase the graft-host surface contact area, while providing resistance to posterior cage migration,” Cardinal Spine founder Dr. Frank Castro Jr. of New Albany, Ind.’s Baptist Health Floyd said in a press release.
Earlier this month, K2M saw its shares stay steady after releasing preliminary earnings for the 3rd quarter that were just below sales expectations on the Street.