RTI Surgical said today that hedge fund group Krensavage Partners purchased approximately 3.4 million shares of stock, representing a total 6% of the company, and nominated a 4 healthcare vets for the board which will be up for election at the company’s 2016 annual shareholders meeting.
Up for election are Jeffrey Goldberg, who served as the board chair for MModal IP, a tech-based transcription, coding and clinical documentation-improvement service. Goldberg also serves as a co-chair of Surgical Specialties Corporation.
Krensavage nominated Mark Stolpher, who previously served as exec veep and CFO of RadNet, an outpatient diagnostic imaging service. Stolpher currently serves as a board member for On Track Innovations and Surgical Solutions.
Also nominated by Krensavage is John Watts Jr. and Frank Williams Jr. Watts previously served as exec chair of HealthPlan holdings, and Williams served as senior veep and senior managing director of acquisitions for Medical Properties Trust, according to an SEC filing.
“Our nominating and governance committee evaluates all potential director candidates, whether recommended for election by the committee or by shareholders, using a thorough process to identify individuals who it believes, in addition to possessing qualities such as integrity, ability, and judgment, will enhance the company’s ability to generate shareholder value. The committee will carefully review the four individuals nominated by Krensavage in accordance with this process. RTI is open to constructive input from all of our shareholders, and we respect the right of shareholders to nominate directors. As a part of our commitment to good corporate governance, including a strong board, RTI remains focused on execution of the company’s strategy and building value for all of its shareholders. We are confident that the company is well-positioned for the future and remain focused on allocating capital to the most accretive opportunities in order to deliver shareholder value,” board member and Water Street Healthcare operating partner Curt Selquist said in a press release.
Yesterday, RTI Surgical said it launched its Unison-C anterior cervical fixation system designed and indicated for stand-alone anterior cervical interbody fusion procedures for treating degenerative disc disease.
Along with the launch, the company reported that the 1st human implantation of the device had been performed during an anterior cervical discectomy and fusion last week.
The device is cleared for use at a single level of the spine from C2 to T1 in skeletally mature patients, and consists of an intervertebral body device with an integrated locking mechanism and 2 screws. The Alachua, Fla.-based company said the system is designed for use with an autograft or allograft.