MARIETTA, Ga., Sept. 2, 2015 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading regenerative medicine company utilizing human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for the Wound Care, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare, today corrected the inaccurate statements published by the Musculoskeletal Transplant Foundation ("MTF") in its press release of September 1, 2015.
MTF's September 1st press release characterizes the inter partes review ("IPR") decision rendered by the Patent Trial and Appeal Board ("PTAB") related to MiMedx's '437 patent as a "ruling in favor" of MTF's challenge. However, the IPR decision was simply related to the Board's granting of a review, not a final ruling on the merits. Further, the IPR on the '437 patent is going forward on only one of the seven grounds requested by MTF. While MiMedx does not believe MTF will eventually prevail on this single ground, the outcome of the IPR does not impact the validity of any other patent, regardless of any familial relationships amongst the patents. While the '437 patent was the first to be filed in the chain, it remains an ancillary patent. Further, as noted in a previous MiMedx press release, the PTAB refused to review the primary EpiFix® and AmnioFix® patents.
Parker H. "Pete" Petit, Chairman and CEO, said, "As I stated in our press release of August 27th, the PTAB declined to even review the two primary configuration patents for EpiFix and AmnioFix, and those patents stand as they are – barring others from manufacturing infringing products. We consider the PTAB's decisions in that regard as very positive for our patent litigation. I remain very disappointed in how MTF continues to misrepresent the facts in this matter. Incidentally, the last time MTF was involved in major patent litigation, they lost the case which resulted in a $23 million judgment."
MiMedx® is an integrated developer, processor 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 are AmnioFix®, EpiFix® and CollaFix™. AmnioFix® and EpiFix® are our tissue technologies processed from human amniotic membrane derived from donated placentas. Through our donor program, a mother delivering via full-term Caesarean section birth 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 and effective implant. MiMedx is the leading supplier of amniotic tissue, having supplied over 450,000 allografts to date for application in the Wound Care, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. CollaFix™, our next technology platform we plan to commercialize, is our collagen fiber technology, developed with our patented cross-linking polymers, designed to mimic the natural composition, structure and mechanical properties of musculoskeletal tissues in order to augment their repair. CollaFix™ is the only biological, biodegradable, biomimetic technology that matches human tendon in strength and stiffness.
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 MiMedx expectations of the outcome of IPR review of the '437 patent. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include the fact that the PTAB decision declining inter partes review may not necessarily authenticate the strength MiMedx has created to protect the Company's intellectual property, that the outcome of the '437 IPR may not be as expected, 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, 2014 and its most recent Form 10Q. 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.