San Clemente-based VertiFlex Inc. said it has sold what it called “non-core assets” to Kalamazoo, Mich.-based Stryker Corp.
Financial terms and the type of assets were not disclosed, but VertiFlex Chief Executive Earl Fender said in a statement that the company received up-front cash to go with future contingent payments and a long-term licensing agreement.
VertiFlex makes less-invasive medical devices for treating a range of spinal diseases. It received Food and Drug Administration clearance in January for two of its spinal implants.
The company said it planned to use the cash that it received from Stryker, which has annual sales of $8.6 billion and a recent market value of about $25.2 billion, toward further development and commercialization of its devices that treat lumbar spinal stenosis, or a narrowing of the spinal canal.