Aurora Spine Corporation

TSX VENTURE : ASG


Aurora Spine Corporation

August 29, 2014 17:00 ET

Aurora Spine Corporation Files Condensed Interim Consolidated Financial Statements for the Six Months Ended June 30, 2014

CARLSBAD, CALIFORNIA--(Marketwired - Aug. 29, 2014) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Aurora Spine Corporation (TSX VENTURE:ASG) announces financial results for the six months ended June 30, 2014.

During Q2, Aurora Spine Corporation, ("Company") executed on several key initiatives to grow the business. During the quarter, we saw increases in the number of hospital approvals for our FDA approved ZIP™ device ("ZIP ULTRA") and sterile-packed titanium plasma spray coated Ti-Nano™ MIS interbody spinal fusion implants ("Ti-Nano"). We also received our initial Ti-Nano implants from our manufacturers and began supplying our distributors with the products for surgery in Q3. Expanding our Ti-Nano product offering and increasing our hospital approvals will continue to be key initiatives for management going into Q3 and Q4 of this year.

Highlights for the second quarter of 2014:

  • Hospital approvals increased to 76 hospitals
  • First Ti-Nano Discovery sets and implants received
  • Received FDA 510(k) clearance for additional sizes of ZIP ULTRA
  • Expanded sales efforts by adding a new Regional Vice President of Sales in the Eastern US region
  • Added distributors in the US, Australia, Germany, Israel, Spain and Poland

Product Development

During the quarter, we prepared for the first U.S. surgeries using the Ti-Nano implants and a new product, the ZIP Graft™ Bone Dowel, to be introduced in Q3. These new products are key components in the execution of Aurora Spine's effort to provide the highest quality products to improve the techniques and outcomes of spine surgery and help patients resume their normal routines as quickly as possible.

Looking Forward

As we discussed at our annual shareholder meeting in Toronto in June, we continue to focus on new product development and our sales expansion strategy, creating a pipeline of cutting-edge, minimally invasive spine surgery (MIS) products that continue to grow with new opportunities. Our disruptive technology is recognized as a differentiator for surgeons seeking more advanced solutions for MIS surgery. Aurora Spine is a true MIS company offering advanced treatments for the modern patient. This capability allows Aurora Spine to provide cost effective, modern solutions to a market in need of contemporary technology. Aurora Spine is committed to building partnerships with hospitals, healthcare systems, surgeons, and medical distributors with the corresponding goals and philosophy in mind to deliver superior patient outcomes.

Aurora Spine is well positioned to capitalize on the market's demand for advanced solutions to spinal care and we look forward to the sustained growth of our business during 2014 and into 2015.

The statements together with the Interim Management Discussion and Analysis can be found on SEDAR at www.sedar.com.

About Aurora Spine

Aurora Spine is an early stage company focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.

Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the growth potential of Aurora Spine's products and its operating results. Aurora Spine cautions investors of its securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Aurora Spine Corporation
    Trent Northcutt
    President and Chief Executive Officer
    (760) 424-2004

    Aurora Spine Corporation
    Eric Fronk
    Chief Financial Officer
    (760) 424-2004