Full Press Release Details
Xtant Medical Announces Results of Special Meeting of Stockholders
BELGRADE, Mont., February 13, 2018 (GLOBE
NEWSWIRE) - Xtant Medical Holdings, Inc. (NYSE American: XTNT), a leader in the development of regenerative medicine
products and medical devices, today announced the results of its Special Meeting of Stockholders held on February 13, 2018 (the
"Special Meeting"). As a result of the approval of all proposals at the Special Meeting, Xtant expects that it will
be able to fully execute its previously announced restructuring plan.
All proposals voted on during the Special
Meeting were approved, and included:
"We are pleased that our stockholders
voted favorably for the future of Xtant," said Carl O'Connell, Chief Executive Officer. "We anticipate that
the matters approved during the Special Meeting will allow Xtant to fully execute our previously announced restructuring plan."
The approval of the issuance of Common
Stock will enable Xtant to complete the exchange of all of its outstanding 6.00% convertible senior unsecured notes due 2021 and
its proposed private placement of an aggregate of $6,809,896.80 of Common Stock at a price per share of $7.20, both of which were
contemplated by the previously announced Restructuring and Exchange Agreement that Xtant entered into on January 11, 2018. Xtant
anticipates that such transactions will be completed on February 14, 2018, in advance of Xtant's February 15, 2018 deadline
to regain compliance with NYSE American listing standards.
Further, following the approval of Xtant's
amended certificate of incorporation, Xtant filed its Amended and Restated Certificate of Incorporation with the Delaware Secretary
of State today, and expects that Xtant's Common Stock will begin trading on the post-split basis as of the start of business
on February 14, 2018.
Mr. O'Connell continued, "I
am excited to welcome our new Board of Directors; each member brings significant experience and I look forward to receiving their
wisdom and guidance going forward."
The newly elected directors included John
Bakewell, Michael Eggenberg, Michael Mainelli, Robert McNamara, Jeffrey Peters and Matthew S. Rizzo. Upon the appointment of these
new directors, the current directors of Xtant Medical will step down, and these newly elected directors will form the Board.
Carl O'Connell closed, "We
appreciate the hard work of our previous board members who helped to transform Xtant into a company with a robust product offering."
About John K. Bakewell
John K. Bakewell is a consultant
to the medical technology industry. Mr. Bakewell served as the Chief Financial Officer of Exact Sciences Corporation, a molecular
diagnostics company, from January 2016 to November 2016. Mr. Bakewell previously served as the Chief Financial Officer of Lantheus
Holdings, Inc., a diagnostic medical imaging company, from June 2014 to December 2015 and as Chief Financial Officer of Interline
Brands, Inc., a distributor and direct marketer of broad-line maintenance, repair and operations products, from June 2013 to May
2014. Mr. Bakewell previously was the Executive Vice President and Chief Financial Officer of RegionalCare Hospital Partners,
an owner and operator of non-urban hospitals, from January 2010 to December 2011. In addition, Mr. Bakewell held the position
of Chief Financial Officer with Wright Medical Group, Inc., an orthopaedic medical device company, from 2000 to 2009, with Altra
Energy Technologies, Inc. from 1998 to 2000, with Cyberonics, Inc. from 1993 to 1998 and with Zeos International, Ltd. from 1990
to 1993. Mr. Bakewell has also served as a member of the board of directors of Entellus Medical, Inc., a public medical technology
company that designs and manufactures products for the treatment of chronic and recurrent sinusitis in adults and children, since
July 2015, and as a member of the board of directors of Corindus Vascular Robotics, Inc., a public medical technology company
and the global leader in robotic-assisted vascular interventions, since July 2017. Since July 2008, Mr. Bakewell has served on
the board of directors of Keystone Dental, Inc., a private medical device company. Mr. Bakewell holds a Bachelor of Arts in Accounting
from the University of Northern Iowa and is a certified public accountant (inactive). Mr. Bakewell's financial experience
as a chief financial officer of several publicly traded medical technology companies and his background and sophistication in
finance and accounting contributes valuable experience to the Board.
About Michael Eggenberg
Michael Eggenberg is a Managing Director
with OrbiMed Advisors LLC since December 2016, focused on healthcare royalty and structured finance investments. Previously,
Mr. Eggenberg was a Managing Director at Fortress Investment Group, focused on Special Opportunities Funds from May 2005 to December
2016. Prior to Fortress, Mr. Eggenberg held positions at CIT, Wells Fargo and Nations Bank. Mr. Eggenberg received his B.S. in
Finance and General Business from Drexel University. Mr. Eggenberg brings valuable experience in the life science industry and
finance experience to the Board.
About Michael Mainelli
Michael Mainelli has worked in the
medical device industry for over twenty-five years, serving the diagnostic imaging, surgical, and orthopedic markets. He has extensive
international experience having led operations in the UK and Israel. Most recently, he served as President and CEO of Stanmore
Implants Worldwide, LTD from 2013 to 2016, a UK based specialty orthopaedics company, and led the sale of the company to Stryker
Corporation. Prior to Stanmore, he was the CEO of Active Implants Corporation, an early stage company developing an innovative
meniscal implant, from 2008 to 2011. Prior to Active Implants, he was the Group President of the Medical Device Segment of Intermagnetics
General Corporation from 2005 to 2006 before the company was acquired by Royal Philips. Prior to employment by Intermagnetics,
Mr. Mainelli was with Stryker Corporation serving in the positions of VP-Corporate Development, Assistant to the Chairman, President-Stryker
Japan and President-Stryker Spine. Prior to Stryker, he was employed by General Electric in various management roles. He has served
on the board of directors of Orthofix International, a publicly traded medical device company, and Active Implants Corporation
and Stanmore Implants, which were VC-backed privately-owned companies. He currently serves on the board of directors of Autocam
Medical, a privately-owned medical device contract manufacturing company. He earned a MBA from the University of Chicago, a MSE
from the University of Pennsylvania and a BSME from Northeastern University. Mr. Mainelli brings strong experience in the implant
and medical device industries to the Board.
About Robert McNamara
Robert McNamara served as Executive
Vice President of LDR Holdings since January 2013 and as the Chief Financial Officer for LDR Holdings since April 2012 up until
its acquisition by Zimmer Biomet in 2016. From September 2010 to April 2012, Mr. McNamara served as a financial consultant, working
primarily in the medical device and biotechnology industries. From May 2009 to September 2010, he served as Chief Financial Officer
of Purfresh, Inc., a privately held clean technology company. In addition, Mr. McNamara has previously served as the Senior Vice
President and Chief Financial Officer for publicly traded medical device companies Accuray, Inc., Somnus Medical Technologies
and Target Therapeutics, was a member of the Board of Directors of Northstar Neurosciences and is the former Mayor of Menlo Park,
California. Mr. McNamara holds a B.S. in Accounting from the University of San Francisco and an M.B.A. in Finance from The Wharton
School of the University of Pennsylvania. Mr. McNamara brings valuable finance and accounting experience in the medical device
industry to the Board.
About Jeffrey Peters
Jeffrey Peters has over 25 years
of medical device experience and currently serves as the president and chief executive officer of Cardialen, a private medical
device company developing low-energy therapy for cardiac arrhythmias. Previously, Mr. Peters was the chief executive officer
of Anulex Technologies (2011-2014), a company developing minimally invasive spine therapies. He also served as the chief technology
officer of ev3 (now Medtronic) from 2001-2007. Mr. Peters' financial roles include portfolio manager at Black River Asset
Management, entrepreneur-in-residence at Foundation Medical, and stock analyst at Dain Rauscher Wessels. Mr. Peters received
his B.S. and M.B.A. from the University of Minnesota. Mr. Peters brings experience in the medical device and life science industries
About Matthew S. Rizzo
Matthew S. Rizzo is a Partner with
OrbiMed Advisors LLC, having joined the firm in April 2010, and is focused on healthcare royalty and structured finance investments.
Previously, Mr. Rizzo was at Ikaria Holdings as a Senior Director in business development for pharmaceutical licensing and acquisitions.
Prior to Ikaria, Mr. Rizzo was a Vice President at Fortress Investment Group, focused on healthcare investments in the Drawbridge
Special Opportunities Funds. Prior to Fortress, he was at GlaxoSmithKline where he worked in business and commercial analysis.
Mr. Rizzo received his M.B.A. from Duke University and his B.S. from the State University of New York at Buffalo. Mr. Rizzo brings
valuable experience in the life science industry and finance experience to the Board.
Medical Holdings, Inc.
Holdings, Inc. (NYSE American:XTNT) develops, manufactures and markets class-leading regenerative medicine products and medical
devices for domestic and international markets. Xtant products serve the specialized needs of orthopedic and neurological surgeons,
including orthobiologics for the promotion of bone healing, implants and instrumentation for the treatment of spinal disease,