Arthrosurface Returns to it Roots Following Divestiture from Anika Therapeutics

Rhea-AI Summary

Arthrosurface, a leading provider of joint restoration and preservation solutions, has been acquired from Anika Therapeutics (NASDAQ: ANIK) by Primo Medical Group executives and former Arthrosurface leaders. The company specializes in minimally invasive techniques with a portfolio of over 150 different surface implant curvatures for knee, shoulder, wrist, and toe treatments. Under new ownership through Phoenix Brio, Arthrosurface will maintain its operations in West Bridgewater, Massachusetts, with no expected disruption to product access or customer service.

Positive

• Portfolio includes over 150 different surface implant curvatures for multiple joint treatments
• Business continuity assured with no disruption to product access or customer service
• Experienced leadership team including former Arthrosurface executives

Negative

• Divestiture from Anika Therapeutics indicates strategic shift/restructuring

WEST BRIDGEWATER, Mass., Oct. 31, 2024 /PRNewswire/ -- Executive management from Primo Medical Group along with others, combined to acquire Arthrosurface, Inc., a leading provider of joint restoration and preservation solutions for active patients, from Anika Therapeutics (NASDAQ: ANIK). Two former Arthrosurface leaders joined the Primo Medical Group executives in this strategic acquisition which ensures that Arthrosurface's position as a leader in orthopedic joint preservation solutions will resume with its portfolio of innovative products and expertise.

Arthrosurface: A Pioneer in Joint Restoration and Preservation

Shane Shankle, who was appointed Arthrosurface's new President said, "As a leader in joint preservation, I'm excited to drive our company's growth plan by delivering products that help patients maintain an active quality of life."   Frank Fedorowicz, Chief Operating and Financial Officer, added, "I'm very happy to be reunited with many of our founding executives to propel Arthrosurface into its next exciting phase."

With a commitment to minimally invasive techniques, Arthrosurface products are designed to restore natural joint function while preserving surrounding bone and tissue. Arthrosurface's product portfolio includes more than 150 different surface implant curvatures for the knee, shoulder, wrist and toe that are designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease. Andrea Patisteas, Senior Executive Vice President emphasized that "With over two decades of clinical experience with our implants, we're thrilled to continue working with physicians and patients to provide them with options for the treatment of orthopedic conditions."  Steven Tallarida, President and CEO of Primo Medical Group simply commented "It is great to be back!"

Phoenix Brio will be Arthrosurface's parent company, and both will be based in West Bridgewater, Massachusetts. "The acquisition of Arthrosurface aligns with our mission to create and deliver innovative medical solutions that address today's clinical needs. Arthrosurface is a natural fit for us," said Chris LaPlante, CFO at Primo Medical Group.

Customers and distributors of Arthrosurface products should not expect to see any change in service or disruption in product access or availability.

About Primo Medical Group

Primo Medical Group offers the most comprehensive outsourcing solutions for the medical device market, including OEM product distribution services, engineering services, precision component production, finished goods assembly, medical device refurbishment, reusable surgical kit management and complete supply chain management. Established in 1953, Primo Medical Group is a privately held company with five facilities in Massachusetts. Primo Medical Group is an FDA Registered Contract Manufacturer and is compliant with FDA Quality Systems Regulations. Primo Medical Group is also ISO 13485:2016 certified and is a registered manufacturer with the Office of Defense Trade Controls Compliance. Over the past 24 years Primo Medical Group has incubated and co-funded several new technologies including Angiolink Corporation (acquired by Medtronic), Arthrosurface (acquired by Anika Therapeutics), Spirus Medical, Inc. (acquired by Olympus), Saphena Medical Inc. (acquired by a major strategic in 2024), Cardiosolutions, Inc., Trax Surgical, Inc. and Versago Vascular Access.

For media inquiries, please contact:
Andrea Patisteas
781-828-4400
andreap@primomedicalgroup.com

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SOURCE Primo Medical Group

FAQ

What happened to Arthrosurface's ownership from Anika Therapeutics (ANIK)?

Arthrosurface was acquired from Anika Therapeutics (NASDAQ: ANIK) by Primo Medical Group executives and former Arthrosurface leaders, with Phoenix Brio becoming the new parent company.

How many different surface implant products does Arthrosurface offer?

Arthrosurface offers more than 150 different surface implant curvatures designed for knee, shoulder, wrist, and toe treatments.

Will there be any changes to Arthrosurface's product availability after the acquisition from ANIK?

No, customers and distributors should not expect any changes in service or disruption in product access or availability.