Business
Tenon Medical Accelerates Commercial Scale with Own Infrastructure to Support Top Line Growth, Terminates National Distribution Agreement for Company's Catamaran(TM) SI Joint Fusion System
~ Tenon reaches amicable termination with exclusive distributor partner, SpineSource ~~ SpineSource to support transition over 6-month period ~LOS GATOS, CA /
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Tenon reaches amicable termination with exclusive distributor partner, SpineSource ~~ SpineSource to support transition over 6-month period ~LOS GATOS, CA / ACCESSWIRE / October 11, 2022 / Tenon Medical, Inc. (\"Tenon\" or the \"Company\") (NASDAQ:TNON), a company transforming care for patients suffering with certain sacroiliac disorders, today announced the termination of its national distribution agreement with distribution partner, SpineSource, for the Company's Catamaran™ SI Joint Fusion System. The termination of the exclusive partnership comes following the Company's April Initial Public Offering (\"IPO\") and supports acceleration of its commercial scale and investment to achieve its revenue growth targets. Due to the evolving nature of the business model, both parties have decided to terminate the current legacy distribution agreement in an effort to move forward in a mutually beneficial manner, as of October 6, 2022. Effective immediately, Tenon has assumed control of all commercial distribution activities.With the full support of SpineSource, Tenon has begun developing its own commercial infrastructure and sales management team that will partner with current independent spine distributors procured by SpineSource to represent the Company's Catamaran SI Joint Fusion System. SpineSource will continue to provide logistical services, sales expertise, and support to Tenon over the next six months to help facilitate a seamless transition.\"The Catamaran is one of the most impressive new technologies we have been a part of in our 18-year history. Modifying this business model is in the best interest for everyone involved,\" states Tom Mitchell, President and CEO of SpineSource\"We are extremely appreciative of the partnership and effort that SpineSource has provided to Tenon, representing our Catamaran SI Joint Fusion System to physicians and medical institutions across the country,\" states Steven M. Foster, President and CEO of Tenon. \"This is a truly exciting time for Tenon as we move rapidly to scale our own commercial organization, positioning ourselves for sustainable growth throughout the coming quarters and years, ultimately returning value to our shareholders. Our participation at this week's North American Spine Meeting in Chicago is targeted as our national launch of our Catamaran SI Joint Fixation Device.\"About...