MiMedx® Signs Distribution Agreement With Medtronic®
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 spinal applications.
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 healthcare.
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.