Full Press Release Details
Tenon Medical Accelerates Commercial Scale with
Own Infrastructure to Support Top Line Growth, Terminates National Distribution Agreement for Company's Catamaran SI Joint
~ Tenon reaches amicable termination with exclusive
distributor partner, SpineSource ~
~ SpineSource to support transition over 6-month
LOS GATOS, Calif. - October 11, 2022
- Tenon Medical, Inc. ("Tenon" or the "Company") (NASDQ: TNON), a company transforming care for patients suffering
with certain sacroiliac disorders, today announced the termination of its national distribution agreement with distribution partner, SpineSource,
for the Company's Catamaran SI Joint Fusion System. The termination of the exclusive partnership comes following the Company's
April Initial Public Offering ("IPO") and supports acceleration of its commercial scale and investment to achieve its revenue
growth targets. Due to the evolving nature of the business model, both parties have decided to terminate the current legacy distribution
agreement in an effort to move forward in a mutually beneficial manner, as of October 6, 2022. Effective immediately, Tenon has assumed
control of all commercial distribution activities.
With the full support of SpineSource, Tenon has
begun developing its own commercial infrastructure and sales management team that will partner with current independent spine distributors
procured by SpineSource to represent the Company's Catamaran SI Joint Fusion System. SpineSource will continue to provide logistical
services, sales expertise, and support to Tenon over the next six months to help facilitate a seamless transition.
"The Catamaran is one of the most impressive
new technologies we have been a part of in our 18-year history. Modifying this business model is in the best interest for everyone involved,"
states Tom Mitchell, President and CEO of SpineSource
"We are extremely appreciative of the partnership
and effort that SpineSource has provided to Tenon, representing our Catamaran SI Joint Fusion System to physicians and medical institutions
across the country," states Steven M. Foster, President and CEO of Tenon. "This is a truly exciting time for Tenon as we move
rapidly to scale our own commercial organization, positioning ourselves for sustainable growth throughout the coming quarters and years,
ultimately returning value to our shareholders. Our participation at this week's North American Spine Meeting in Chicago is targeted
as our national launch of our Catamaran SI Joint Fixation Device."
About Tenon Medical, Inc.
Tenon Medical, Inc., a medical device company
formed in 2012, has developed The Catamaran SI Joint Fusion System that offers a novel, less invasive Inferior-Posterior approach
to the SI joint using a single, robust titanium implant. The system features the Catamaran Trans-Fixation Device which passes through
both the axial and sagittal planes of the ilium and sacrum, transfixing the SI joint along its longitudinal axis. With an entry that mimics
SI joint injection, the surgical approach is direct to the joint and inferior to the wide and variable dorsal recess. The angle and trajectory
of the Inferior-Posterior approach is designed to provide a pathway away from critical neural and vascular structures and into the strongest
cortical bone. Tenon is preparing a national launch of this system to address the greatly underserved market opportunity that exists in
this space. For more information, please visit https://www.tenonmed.com/.
logo and Tenon Medical, are registered trademarks of Tenon Medical, Inc. Catamaran is a trademark of Tenon Medical, Inc.
This press release contains "forward-looking statements,"
which are statements related to events, results, activities or developments that Tenon expects, believes or anticipates will or may occur
in the future. Forward-looking often contain words such as "intends," "estimates," "anticipates," "hopes,"
"projects," "plans," "expects," "seek," "believes," "see," "should,"
"will," "would," "target," and similar expressions and the negative versions thereof. Such statements are
based on Tenon's experience and perception of current conditions, trends, expected future developments and other factors it believes are
appropriate under the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain and actual
results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as
a result of various factors. For details on the uncertainties that may cause our actual results to be materially different than those
expressed in our forward-looking statements, please review our Registration Statement on Form S-1 on file with the Securities and Exchange
Commission at www.sec.gov, particularly the information contained in the section entitled "Risk Factors". We undertake no obligation
to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise unless required by
Shannon Devine: 203-741-8811