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SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ:SINT), a micro-cap medical device company with a market capitalization of $7.7 million, has executed a definitive agreement to acquire the surgical business assets of privately held SiNAPTIC Holdings, LLC, the silicon nitride ceramic company announced Tuesday. According to InvestingPro data, SINTX maintains a healthy balance sheet with more cash than debt and a current ratio of 3.45x.
The acquisition includes intellectual property, product designs, and development assets related to six foot and ankle implant systems. These designs are supported by clinical development, mechanical testing, and a 510(k) pre-submission that could accelerate commercial launch activities. This strategic move comes as SINTX faces challenging financial metrics, with InvestingPro analysis showing the company is rapidly burning through cash while maintaining negative EBITDA of -$6.46 million in the last twelve months.
As part of the transaction, key SiNAPTIC executives will join SINTX, including Dr. Bryan Scheer as Chairman of SINTX Clinical Advisory Board and Lisa Marie Del Re as Chief Commercial Officer.
"This acquisition is transformative for SINTX by adding a family of FDA-reviewed implants, portfolio of new technologies, and capital, accelerating our shift from R&D to revenue generation," said Eric Olson, CEO of SINTX Technologies.
SINTX issued $750,000 in common shares priced at $3.465 per share, representing a 10% premium to the June 20 closing price. The company also issued 325,000 performance-based common stock purchase warrants exercisable over five years at $6.30, which vest upon achieving specific regulatory and commercial milestones.
The global ankle fusion market is currently valued at approximately $750.5 million and expected to reach $1.38 billion by 2032, according to industry research cited in the company’s press release.
SINTX will manufacture all devices under its FDA-registered and ISO-certified quality system and leverage existing FDA clearances to streamline regulatory approvals.
In other recent news, SINTX Technologies has announced a new corporate strategy focusing on the commercialization of its silicon nitride technologies. The company aims to expand its applications beyond spinal implants to include hybrid biomaterials and joint ventures in sectors like orthopedics and wound care. SINTX has also formed a new subsidiary, SINTX Agribiotech, to explore agricultural applications of its technology, particularly in the antimicrobial agribiotech market. This expansion is supported by recent patent acquisitions, allowing the company to address the growing demand for sustainable crop protection solutions. Financially, SINTX reported improvements for the first quarter ending March 31, 2025, with a significant increase in cash reserves and a reduction in operating cash burn. In terms of governance, SINTX has restructured its Board of Directors, appointing Eric Olson as the new Chairman, alongside five new directors with extensive experience in the medical device industry. Ascendiant Capital recently adjusted its outlook on SINTX by lowering the 12-month price target from $30 to $28 while maintaining a Buy rating, reflecting confidence in the company’s growth prospects. These developments indicate SINTX’s strategic focus on leveraging its silicon nitride technology across multiple sectors.
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