Alphatec Spine Appoints Chief Financial Officer

Alphatec Spine Inc., a provider of spinal fusion technologies, has hired Jeffrey G. Black as executive vice president and chief financial officer (CFO).
 
Black is a seasoned executive with more than 25 years of experience in financial and operations management, including senior-level finance roles for six publicly-traded companies. As the CFO at Alphatec, Black will lead the finance, investor relations and accounting organizations, architecting the appropriate capital structure for the company to execute its strategy and build a sustainable financial foundation for future growth.
 
“Jeff’s financial insight, capital restructuring and financing experience, as well as his open leadership style will be great enhancements to the Alphatec team,” said Terry Rich, CEO of Alphatec Spine.  “His history of successfully leading growing organizations, his Wall Street relationships in the healthcare sector, and his strong discipline in cost and cash control make him an ideal fit for Alphatec. I look forward to partnering with Jeff as we continue to build a spine company and improve surgeons’ experiences and patient outcomes through our product offerings. We also thank Dennis Nelson, vice president, Finance, for serving as Alphatec’s principal accounting officer, and offering strong leadership of our finance and accounting organizations while we engaged in the CFO search.”
 
Black, 48, previously served as the CFO of Applied Proteomics Inc., a developer of non-invasive diagnostics using a proteomics-based platform. Before joining Applied Proteomics, Black served as CFO of AltheaDx Inc., a molecular diagnostics company specializing in pharmacogenetic testing. Prior to AltheaDx, Black served as CFO of Verenium Corporation (formerly Diversa Corporation), a Nasdaq-listed developer and commercializer of high-performance enzymes for use in industrial processes. During his nine-year tenure at Verenium/Diversa, Black played a leadership role in more than $500 million of strategic, equity, and debt financing transactions, culminating in the sale of the company to BASF in 2013. Black is a certified public accountant (inactive) and began his career with Ernst & Young LLP. He currently serves on the Board of Directors of Cellana Inc., a privately-held algae bioproducts company.
 
“I am pleased to be joining Terry and his leadership team, with a record of success in the spine market,” said Black. “With this new team in place, a robust product portfolio, and a pipeline of new products, Alphatec is well-positioned to continue on an accelerated path to improve patient lives. I am excited to be a part of the company’s transformation, with an eye toward building value for shareholders.”
 
As an inducement to entering into employment with the company, the company board’s Compensation Committee approved the following inducement awards to Black: 75,000 restricted stock units (RSUs) (with the grant of such RSUs made subject to, and effective on, the date on which Alphatec files a Registration Statement on Form S-8 registering the shares of common stock issuable upon settlement of the RSUs) and an option to purchase 75,000 shares of common stock.
 
The RSUs will vest in equal installments annually over four years on each of the first four anniversaries of Black’s first date of employment, assuming in each case that he remains continuously employed by Alphatec as of such vesting date. In addition, the RSUs will fully vest upon a change in control of Alphatec.
 
The stock options will have an exercise price equal to the closing price per share of Alphatec’s common stock as reported by NASDAQ on the date of grant (March 6, 2017). The stock options will vest over four years, with 25 percent of the options vesting on the first anniversary of the date of grant and the remainder of the options vesting monthly over the subsequent three years, assuming in each case Black remains continuously employed by Alphatec as of such vesting date. In addition, the options will fully vest upon a change in control of Alphatec.
 
The Board approved an amendment to the Plan to increase the shares reserved for issuance thereunder by 600,000 shares, effective Feb. 21.
 
Alphatec Spine Inc., a wholly owned subsidiary of Alphatec Holdings Inc., designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. The company and its affiliates market products in the United States via a direct sales force and independent distributors.