RTI Surgical Holdings, Inc.® Bolsters Spine Business with Key Senior Leadership Appointments
June 10 2020 - 8:00AM
RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical
implant company, today announced two senior leadership appointments
to support its transition to a pure-play global spine company.
Scott Durall will join RTI as Chief Commercial Officer, and Bryan
Cornwall will join RTI as Executive Vice President, Research and
Clinical Affairs, both effective June 15, 2020. Durall and Cornwall
bring to RTI decades of commercial, operational and scientific
expertise, and will support the Company’s ongoing focus on becoming
a leader in the global spine market following the close of the
pending the sale of the OEM business.
Durall has more than 30 years of experience as a
medical device sales and commercial leader. His extensive track
record in driving growth, improving surgeon engagement and managing
national accounts will help further commercialize RTI’s sales
channels in the U.S. Scott joins RTI from Earlens where he was
Executive Vice President of Sales. Previously, he spent 10 years at
NuVasive serving as Executive Vice President of Strategic Sales and
Operations, Vice President of Commercial Strategy and Area Sales
Vice President. Scott began his medical device career at U.S.
Surgical Corporation progressing to Sales Director, and then spent
10 years with Boston Scientific as an accomplished leader in
corporate sales.
Cornwall brings his 25 years of clinical operations
and research experience in the medical device industry to RTI from
the University of San Diego’s Shiley-Marcos School of Engineering,
where he was an Associate Professor of Mechanical Engineering. His
experience driving innovation through scientific competence within
the spine industry, combined with his strong surgeon relationships,
will aid the continued development of RTI’s global spine portfolio
with a focus on clinical differentiation. He is well-published with
more than 24 peer-reviewed publications, 24 U.S. patents and eight
book chapters. Cornwall previously held leadership roles in his
12-plus-year tenure at NuVasive, including President SOLAS &
NSF, Senior Vice President of Clinical Operations & Research,
Senior Vice President of Research & Clinical Resources, and
Vice President of R&D, as well as leadership roles at MacroPore
Biosurgery and DePuy-ACE.
RTI continues to strengthen its spine leadership
team following the recent appointment of Terry Rich as President,
Global Spine, in December 2019.
“Adding two proven and well-respected leaders like
Scott and Bryan to RTI strengthens our world-class spine team and
gives us the know-how to enhance our position as a top-ten industry
player,” said Terry Rich, President, Global Spine, RTI. “Having
previously worked with both Scott and Bryan, I know firsthand they
have what it takes for us to accelerate innovation, advance patient
care and improve outcomes. I look forward to the positive and
lasting impact they will have on all our stakeholders as we prepare
to go all in on spine.”
“After tripling the size of our spine business over
the last five years, we are now moving to the next phase of our
journey as we prepare to become a global, pure-play spine company,”
said Camille Farhat, President and CEO, RTI. “As we do, I am
confident we will remain a leading partner of choice for
independent surgeons and distributors with our high-growth product
platforms, our clinically differentiated innovation, our channel
effectiveness, and now our high-caliber leadership team. Today, we
have solidified the foundational elements to enable our exciting
future in spine.”
About RTI Surgical Holdings,
Inc.RTI Surgical Holdings is a leading global surgical
implant company providing surgeons with safe biologic, metal and
synthetic implants. Committed to delivering a higher standard,
RTI’s implants are used in sports medicine, plastic surgery, spine,
orthopedic and trauma procedures and are distributed in over 50
countries. RTI has four manufacturing facilities throughout the
U.S. and Europe. RTI is accredited in the U.S. by the American
Association of Tissue Banks and is a member of AdvaMed. For more
information, please visit www.rtix.com. Connect with us
on LinkedIn and Twitter.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management’s current
expectations, estimates and projections about our industry, our
management’s beliefs and certain assumptions made by our
management. Words such as “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” variations of such words
and similar expressions are intended to identify such
forward-looking statements. The forward-looking statements are not
guarantees of future performance and are based on certain
assumptions including general economic conditions, as well as those
within the Company’s industry, and numerous other factors and risks
identified in the Company’s Form 10-K for the fiscal year ended
December 31, 2019 and other filings with the SEC. Our actual
results may differ materially from the anticipated results
reflected in these forward-looking statements. Important factors
that could cause actual results to differ materially from the
anticipated results reflected in these forward-looking statements
include risks and uncertainties relating to the following: (i) the
risk of potential litigation or regulatory action arising from the
internal investigation and its findings or from the failure to
timely file the Form 10-K; (ii) the identification of control
deficiencies, including material weaknesses in internal control
over financial reporting and the impact of the same; (iii)
potential reputational damage that the Company may suffer as a
result of the ultimate findings of the investigation; (iv) the
Company’s ability to develop a plan to regain compliance with the
continued listing criteria of the Nasdaq Stock Market, Nasdaq’s
acceptance of such plan, and the Company’s ability to execute such
plan and to continue to comply with the applicable listing
standards within the available cure period; (v) the risk that the
filing of the Form 10-Q for the first quarter of 2020 will take
longer than currently anticipated; (vi) general worldwide economic
conditions and related uncertainties; (vii) the anticipated impact
of the COVID-19 novel coronavirus pandemic and the Company’s
attempts at mitigation; (viii) the failure by the Company to
identify, develop and successfully implement immediate action plans
and longer-term strategic initiatives; (ix) our ability to continue
production; (x) the reliability of our supply chain; (xi) our
ability to meet obligations under our debt or material agreements;
(xii) the duration of decreased demand for our products; (xiii) our
ability to recall employees; (xiv) whether or when the demand for
procedures will increase; (xv) the Company’s access to adequate
operating cash flow, trade credit, borrowed funds and capital to
fund its operations and pay its obligations as they become due,
including the impact of adverse trends or disruption in the global
credit and equity markets; (xvi) our financial position and
results, total revenue, product revenue, gross margin, and
operations; (xvii) the risk that the Company may be unable to
obtain shareholder approval for the proposed transaction or that
the Company or the Buyer may be unable to obtain regulatory
approvals required for the proposed transaction, or required
regulatory approvals may delay the proposed transaction; (xviii)
the risk that a condition to the closing of the proposed
transaction may not be satisfied; (xix) the risk that the
occurrence of an event that could give rise to termination of the
definitive agreement; (xx) the risk that shareholder litigation in
connection with the proposed transaction may affect the timing or
occurrence of the proposed transaction or result in significant
costs of defense, indemnification and liability; (xxi) the timing
to consummate the proposed transaction; (xxii) the effect of the
announcement or disruption from the proposed transaction making it
more difficult to retain and hire key personnel and maintain
relationships with customers, suppliers and other third parties;
(xxiii) the diversion of management time and attention on the
proposed transaction; (xxiv) the effect and timing of changes in
laws or in governmental regulations; and (xxv) other risks
described in our public filings with the SEC. These factors should
be considered carefully and undue reliance should not be placed on
the forward-looking statements. Each forward-looking statement in
this communication speaks only as of the date of the particular
statement. Copies of the Company’s SEC filings may be obtained by
contacting the Company or the SEC or by visiting RTI’s website at
www.rtix.com or the SEC’s website at www.sec.gov. We undertake no
obligation to update these forward-looking statements except as may
be required by law.
Jonathon Singer Investor and Media
Contact jsinger@rtix.com +1 877-343-6832
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