Under the agreement, the company will pay an upfront fee over the next 12 months, and has agreed to certain minimum purchase commitments.

Alphatec Spine chairman and CEO Les Cross said the company has focused on streamlining its internal operations to strengthen margins and shorten the cycle time for developing and commercializing new products.

"I also recognized Alphatec’s need to simultaneously scale our business through acquisitions of companies and new products to further accelerate top-line growth," Cross added.

"While we compete in the cervical interbody market with certain of our Novel PEEK spacers and structural allograft products, the addition of an anchored, zero-profile cervical interbody device will add depth to our cervical portfolio with surgeons who have adopted this technology.

"While it has been my ongoing expectation that it will take time to yield meaningful and positive impacts to our revenue growth, we are building a new and stronger foundation that should strengthen future revenue growth and lower our cost structure through decreased manufacturing and operating costs to enhance our margins."