Amedica Provides Business Update
SALT LAKE CITY, UT -- (Marketwired) -- 10/06/16 -- Amedica Corporation (NASDAQ: AMDA), a biomaterial company that develops and commercializes silicon nitride for biomedical applications, today provided a business update related to its business strategy and certain recent developments.
Briefly, the updates relate to the following items:
- New patent directed to a threaded design in ceramic implants;
- Participation at the annual International Society for Technology in Arthroplasty; and
- Update related to completion of the company's strategic workforce reduction.
Amedica Awarded Key Patent Protection for Threaded Implant Design Feature
Amedica was recently awarded a patent by the United States Patent and Trademark Office for "threading sinterable materials," such as silicon nitride and other ceramic materials. U.S. Patent No. 9,399,309, covers methods for threading ceramic materials used for spinal fusion implants, or other biomedical implants. Threading technology is broadly applicable in a wide range of current medical devices made from PEEK or titanium, and this patent is the first for ceramic materials. Amedica's ability to manufacture threaded biomedical implants made of silicon nitride and other ceramic materials reflects nearly five years of pioneering work by its R&D and engineering teams.
Amedica has implemented this new technology across its portfolio of Valeo® II spinal fusion devices. These fusion devices are made of micro-composite silicon nitride, which favors bone ingrowth and shows antibacterial properties, when compared to competitive PEEK and titanium implants. Valeo II silicon nitride interbody fusion devices are readily imaged on x-rays, CT, and MRI scans; a property unique to Amedica's silicon nitride technology.
Amedica to Present Research Supporting Silicon Nitride at ISTA
Amedica announced that it will be presenting four papers at the International Society for Technology in Arthroplasty's (ISTA) 29th Annual Congress occurring October 5-8, 2016 in Boston, Massachusetts. "These papers provide further evidence for the advantages of our proprietary silicon nitride composition in the spine, dental, and arthroplasty markets," said Dr. Sonny Bal, Chairman and CEO of Amedica Corporation. "Our strength in manufacturing, research, and external collaborations is critical to creating long-term value, even as we reduce costs and address spine sales," added Dr. Bal
Going Forward Following Strategic Reductions in Workforce
The company also confirmed that the previously-announced work force reduction has been completed, resulting in a leaner and more agile organization that is better positioned to extend its cash runway and execute on its strategic objectives.
Dr. B. Sonny Bal, chairman and chief executive officer of Amedica, stated, "despite the recent 38% reduction in force, the company continues to be in a strong position to timely and efficiently manufacture its silicon nitride products, further scientific research into the properties of our silicon nitride ceramic and how to enhance those properties, and to continue to support its external partnerships and product development opportunities."
About Amedica Corporation
Amedica is focused on the development and application of interbody implants manufactured with medical-grade silicon nitride ceramic. Amedica markets spinal fusion products and is developing a new generation of wear- and corrosion-resistant implant components for hip and knee arthroplasty as well as dental applications. The Company's products are manufactured in its ISO 13485 certified manufacturing facility and through its partnership with Kyocera, one of the world's largest ceramic manufacturers. Amedica's FDA-cleared and CE-marked spine products are currently marketed in the U.S. and select markets in Europe and South America through its distributor network and its growing OEM and private label partnerships.
For more information on Amedica or its silicon nitride material platform, please visit www.amedica.com.
This press release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated within this press release. A discussion of those risks and uncertainties can be found in Amedica's Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 23, 2016, and in Amedica's other filings with the SEC. Amedica disclaims any obligation to update any forward-looking statements.
Source: Amedica Corporation
Released October 6, 2016