MiMedx® Signs Distribution Agreement With Medtronic®
MARIETTA, Ga., Oct. 1, 2013
MARIETTA, Ga., Oct. 1, 2013 /PRNewswire/ --MiMedx Group, Inc. (NASDAQ:
MDXG), an integrated developer, manufacturer and marketer of patent protected
regenerative biomaterials and bioimplants processed from human amniotic
membrane, announced today that it has entered into a distribution agreement
with Medtronic, Inc. and SpinalGraft Technologies, LLC ("SGT"), a wholly-owned
subsidiary of Medtronic. Through the agreement, MiMedx will provide its
PURION® processed allograft products to Medtronic to be marketed by SGT for
The MiMedx PURION® processed allograft products distributed to Medtronic will
be private-labeled. SGT will promote, market and sell the private-labeled
allografts to its customers and end-users through-out the United States.
Parker H. Petit, MiMedx Chairman and CEO, said, "This agreement is a
significant milestone for MiMedx in expanding our customer base and broadening
the breadth of physicians and patients with access to our PURION® processed
allografts. By partnering with Medtronic, many additional physicians and
patients can be served through the extensive distribution arm and presence
that Medtronic has in the spinal surgery market."
The $3.1 billion Spine business segment of Medtronic is developing many of the
new standards of care in spinal and musculoskeletal therapies. Medtronic
collaborates with world-renowned surgeons, researchers, and innovative
partners to offer a broad range of state-of-the-art products and technologies
that return patients to normal active lives more quickly, and treat a variety
of musculoskeletal, neurological, orthopedic, and spinal conditions.
"We are very excited about our relationship with Medtronic," said Bill Taylor,
MiMedx President and COO. "Medtronic has done an extraordinary job in serving
the needs of practicing physicians. With the growing demand for an offering
that can deliver the outcomes achieved by our PURION® processed allografts, it
is critical to align with a partner that has unparalleled respect among
physicians and extensive relationships in this sector of healthcare."
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the
global leader in medical technology – alleviating pain, restoring health and
extending life for millions of people around the world.
MiMedx® is an integrated developer, manufacturer and marketer of patent
protected regenerative biomaterial products and bioimplants processed from
human amniotic membrane. "Innovations in Regenerative Biomaterials" is the
framework behind our mission to give physicians products and tissues to help
the body heal itself. Our biomaterial platform technologies include AmnioFix®
and EpiFix®, our tissue technologies processed from human amniotic membrane
that is derived from donated placentas. Through our donor program, mothers
delivering full-term Caesarean section births can elect in advance of delivery
to donate the placenta in lieu of having it discarded as medical waste. We
process the human amniotic membrane utilizing our proprietary PURION® process,
to produce a safe, effective and minimally manipulated implant for homologous
use. MiMedx® is the leading supplier of amniotic tissue, having supplied over
170,000 allografts to date to distributors and OEMs for application in the
Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental sectors of
Safe Harbor Statement
This press release includes statements that look forward in time or that
express management's beliefs, expectations or hopes. Such statements are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements include, but are not limited
to the impact of the agreement in growing the Company's customer base, the
additional physicians and patients to be served through the agreement, the
growth in the demand for the Company's allograft products and the outcomes to
be achieved by the Company's allograft products. These statements are based on
current information and belief, and are not guarantees of future performance.
Among the risks and uncertainties that could cause actual results to differ
materially from those indicated by such forward-looking statements include
that the Company's customer base, additional physicians and patients do not
increase as anticipated, that the growth in demand for the Company's allograft
products does not materialize or is less than expected, that the Company's
allograft products do not achieve the anticipated outcomes, and the risk
factors detailed from time to time in the Company's periodic Securities and
Exchange Commission filings, including, without limitation, its 10-K filing
for the fiscal year ended December 31, 2012. By making these forward-looking
statements, the Company does not undertake to update them in any manner except
as may be required by the Company's disclosure obligations in filings it makes
with the Securities and Exchange Commission under the federal securities laws.
SOURCE MiMedx Group, Inc.
Contact: Michael Senken, (770) 651-9100
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