MARIETTA, Ga., Dec. 7, 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, announced today an update of its total portfolio of National Account contracts.
The Company's National Account contracts are primarily with Group Purchasing Organizations ("GPOs") and Integrated Delivery Networks ("IDNs") which provide valuable financial and efficiency-related services for healthcare providers, including the major hospital networks in the U.S. Through these National Account relationships, MiMedx currently has over 5,400 U.S hospitals under contract for the Company's allografts.
Parker H. "Pete" Petit, Chairman and CEO, said, "We are pleased to partner with the many GPOs and IDNs in our National Account portfolio. These organizations bring both clinical and cost effectiveness resources to the hospitals, ambulatory surgery centers, physician practices and other facilities and entities they serve. Our allografts are recognized for improving patient outcomes, reducing costs and eliminating waste. We share a common goal with these organizations to improve patient outcomes while controlling costs. Our mutual focus to this cause has contributed to our rapid success in establishing our robust National Account network."
Bill Taylor, President and COO, commented, "We currently have the nation's four largest GPOs under contract for our allografts. Our contracts cover approximately 95% of the hospitals in the U.S. today, and include our full line of dehydrated human amnion/chorion membrane (dHACM) allografts. In addition, we now have more than 50 IDN systems under contract with MiMedx. Some of our IDNs under contract are also affiliated with the GPOs we have under contract. Many of the IDN Systems have entered into a committed level with MiMedx for our allografts."
"We continue to have on-going negotiations with additional IDNs to be included in our National Account network. We want to be certain our clinically effective and cost effective allografts can be accessed by the greatest number of patients that can benefit from them. Our vast relationships with GPOs and IDNs are a critical element in achieving that goal," added Petit.
About MiMedx MiMedx® is an integrated developer, processor and marketer of patent protected and proprietary regenerative biomaterial products and bioimplants processed from human amniotic membrane and other birth tissues. "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®, CollaFix™ and OrthoFlo. AmnioFix and EpiFix are our tissue technologies processed from human amniotic membrane derived from donated placentas. Through our donor program, a mother delivering via scheduled 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 500,000 allografts to date for application in the Wound Care, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. The Company has recently introduced OrthoFlo, an amniotic fluid derived allograft for homologous use. Amniotic fluid is donated by consenting mothers delivering healthy babies by scheduled full-term Caesarean section births. 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 performance of the Company's allografts in improving patient outcomes, reducing costs and eliminating waste, and the connection between these elements and success in securing national contracts; the utilization commitments made by many IDN Systems for the Company's products; the Company's continued expansion of its network of IDNs under contract; and that the Company's relationships with GPOs and IDNs are a critical element in achieving the Company's goal of having the greatest number of patients access and benefit from the clinically effective and cost effective MiMedx allografts. 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 that the Company's products will not perform as expected or will not gain acceptance in the medical community as expected, that the utilization commitments made in its contracts may not result in the volume of expected sales or in any sales, that negotiations with additional IDNs do not result in an increase in the Company's portfolio of National Accounts, that the Company is not able to continue securing national contracts, that the Company's efforts may not result in an increase to the base of patients who have access to and can benefit from its products, 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 filing. 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.