Inspan merged with Sacrix to form Insrix, a new spine device company, effective July 1.
Insrix's immediate goal is to hire a CEO "to lead and build a new executive and sales team to grow the revenues and prepare the company for an exit," KICVentures Group co-founder and CFO Aditya Humad said in an Aug. 1 news release.
KICVentures is the investment holding company with majority ownership in Inspan and Sacrix, which led to a quick decision on the merger. KICVentures sees the transaction as an opportunity to boost ASC efficiency for surgeons treating degenerative spine disease such as spinal stenosis and sacroiliac disease.
Insrix, the combined entity, will accelerate growth in 2023, when it is expected that sacroiliac joint companies that place a wedge inside the joint posteriorly will see a new category III T-code that could negatively affect reimbursement for posterior wedges, according to KICVentures.
Inspan is focused on training physicians on treating degenerative spinal stenosis and fusing the spine without interbody cages and pedicle screws. Sacrix, meanwhile, is focused on training surgeons on its new percutaneous lateral-oblique sacroiliac joint fusion technique.
"Having both companies together provides doctors with complementary companies to more efficiently support outpatient spine surgery," Kingsley Chin, MD, spine surgeon and chair and CEO of KICVentures, said in the release.