Augmedics, an augmented reality surgical navigation platform, announced it successfully won a bid to purchase the digital health assets of Surgalign and Holo Surgical for $900,000 in cash following the spine technology company’s bankruptcy.
Surgalign’s digital health offerings include its HOLO Portal, an AI-driven augmented reality guidance system that allows intraoperative image-guided navigation of a patient’s spine. The patented AR system allows for a 3D overlay of the patient’s anatomy. 3D targeting and trajectory are also superimposed in real-time on the surgical instruments.
Augmedics will add Surgalign’s offerings to its AR- and AI-based offerings, including its xvision platform, which received FDA clearance in 2019.
xvision Spine System utilizes augmented reality to give surgeons a 3D image of a patient’s spinal anatomy directly in their line of sight during surgery, which allows surgeons to look at the patient instead of a remote screen.
“We are pleased to further expand our strong technical and intellectual property position in the field of augmented reality surgery with this planned acquisition,” Kevin Hykes, Augmedics president and CEO, said in a statement. “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.”
THE LARGER TREND
Publicly-traded Surgalign voluntarily filed for bankruptcy in June.
In a filing with the U.S. Securities and Exchange Commission, the company noted it entered into an Asset Purchase Agreement with Xtant Medical Holdings, which would acquire its assets related to its “business of designing, developing and manufacturing hardware medical technology and distributing biologics medical technology” and assume certain of the company’s liabilities for a total purchase price of $5 million in cash. That deal was solidified during the asset sale on Friday.
The global med-tech company’s assets were sold to Xtant and Augmedics for $5.9 million.
In June, Augmedics scored a whopping $82.5 million in Series D financing.
In 2021, it garnered $36 million in Series C funding with an international syndicate of Israel-U.S. investors eight months after it closed its $21 million Series B financing.