AxoGen, Inc. operates as a medical technology company. It offers a portfolio of nerve repair solutions for various surgical peripheral nerve repair needs. The company’s surgical nerve repair solutions include Avance Nerve Graft, a proprietary processed nerve allograft for bridging severed nerves without the comorbidities associated with a nerve autograft surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product used to wrap and protect injured peripheral nerves and reinforce coaptation sites while preventing soft tissue attachments. It also offe...
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AxoGen, Inc. Adopts Amended and Restated Bylaws
Aug 26 15
AxoGen, Inc.'s board adopted amended and restated bylaws of the company (the Bylaws), replacing the former amended and restated bylaws of the company in their entirety. The bylaws became effective immediately upon their adoption by the board. The Bylaws are substantially the same as the prior bylaws except the Board amended Section 3.2 to increase the number of directors serving on the Board from seven members to eight members.
AxoGen, Inc. Appoints Neels as Director
Aug 26 15
On August 26, 2015, AxoGen, Inc. entered into a Securities Purchase Agreement (the purchase agreement) with Essex Woodlands Fund IX, L.P. Upon the closing of the purchase of the shares, the Board elected Mr. Neels to fill such vacancy and serve on the Board until the 2016 annual meeting. Mr. Neels, age 67, has been an operating partner of ESSEX since February 2013. Mr. Neels currently serves as the Chairman of the Board of Directors for Oraya Therapeutics and serves on the Board of Directors for Entellus Medical, Endologix and Bioventus.
AxoGen, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year of 2015
Aug 6 15
AxoGen, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $6,417,253 compared to $4,214,193 a year ago. Loss from operations was $2,153,269 compared to $2,297,744 a year ago. Net loss available to common shareholders was $3,190,873 or $0.13 basic and diluted per share compared to $3,741,471 or $0.21 basic and diluted per share a year ago.
For the six months period, the company reported revenues of $11,368,569 compared to $7,352,449 a year ago. Loss from operations was $4,696,973 compared to $5,288,886 a year ago. Net loss available to common shareholders was $6,766,073 or $0.29 basic and diluted per share compared to $7,981,036 or $0.46 basic and diluted per share a year ago. Net cash used for operating activities was $6,010,955 compared to $5,719,999 a year ago. Purchase of property and equipment was $132,492 compared to $283,476 a year ago. Acquisition of intangible assets was $54,075 compared to $30,305 a year ago.
Based on a strong first half and the continued momentum the company is experiencing in the third quarter, the company is raising its revenue guidance and now expects 2015 full year revenue to exceed $25 million with annual gross margins in the mid to high 70% range.