San Clemente, Calif.-based VertiFlex said the technology is "not core to the ongoing strategic operations of the company" and that it plans to us the cash for its line of lumbar spinal stenosis products.
"The sale of these innovative assets to Stryker represents the beginning of a new era in our relationships with strategic partners," VertiFlex CEO Earl Fender said in prepared remarks. "The agreement with Stryker includes up-front cash, contingent payments as well as a long-term licensing agreement."
Fender also said the company has enrolled the "largest-ever" clinical trial for pre-market approval from the FDA of a device to treat spinal stenosis.
VertiFlex recently won FDA clearance for 2 products, the Totalis direct decompression system and the UniVise spinous process fixation system.