Augmedics announced today that it successfully bid for the digital health assets of Surgalign and Holo Surgical following an auction.
Surgalign conducted the court-supervised marketing and sale process following its Chapter 11 bankruptcy filing in June. It conducted the auction process in accordance with bidding procedures approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
According to Surgalign, Augmedics bid for the digital health assets with a cash purchase price of $900,000. It also includes the assumption of certain liabilities.
The Chicago-based augmented reality-based surgical navigation technology developer says the purchase strengthens its portfolio with IP and other digital health assets. Augmedics expects the sale to close pending Bankruptcy Court approval at a hearing set for Aug. 8.
This news follows last month’s announcement of an $82.5 million fundraising round for Augmedics.
“We are pleased to further expand our strong technical and intellectual property position in the field of augmented reality surgery with this planned acquisition,” said Augmedics President & CEO Kevin Hykes. “Augmedics shares Surgalign’s passion for developing cutting-edge technology in the name of improved surgical outcomes. We look forward to leveraging these assets to further evolve the xvision platform.”
Surgalign also sold its hardware and biologics assets to Xtant Medical for $5 million, as previously announced.
“We are pleased to have concluded the sale process and believe with Xtant and Augmedics, our technology and its potential will live on,” said Surgalign President and CEO Terry Rich. “I cannot thank our customers and partners enough for their support through this process. Further, I want to acknowledge the entire Surgalign team for their unwavering commitment throughout the years, and for their ongoing passion to develop the best solutions to help drive better patient outcomes.”