Organogenesis Secures $30 Million in Financing to Fund Aggressive Expansion of Commercial Operations and Product Portfolio
CANTON, Mass. and SAN DIEGO, April 14, 2016 /PRNewswire/ -- Organogenesis Inc. – a global leader in advanced wound care innovation and technologies – has raised approximately $30 million in capital from existing investors to support a significant expansion of the company's commercial operations, sales force, PuraPly product line, and new product development in the wound care and surgical fields.
"With wound care decision makers increasingly moving toward evidenced-based products and buying groups selecting companies with broader product portfolios, Organogenesis is experiencing the largest growth in the company's history," said Gary S. Gillheeney, Sr., President & CEO of Organogenesis. "Part of this success is due to our expanded wound care portfolio – including the recent launch of PuraPly™ and PuraPly Antimicrobial (AM)™ - which allows us to offer products across all phases of wound healing."
The Organogenesis product portfolio expansion includes several additions to the PuraPly wound management line, the launch in the next year of an FDA-approved Class III PMA burn treatment, and new product offerings from the FortaFlex™ collagen matrix technology platform for soft tissue reinforcement. These portfolio additions have and will continue to increase Organogenesis product sales in the outpatient wound healing market, and position the company for new growth opportunities in the surgical and hospital inpatient markets.
"We are experiencing a period of hypergrowth with the launch of PuraPly AM, the only FDA-cleared purified collagen matrix plus PHMB antimicrobial on the market today," said Gillheeney. "To that end, we are excited about expanding our resources across the company to keep up with this demand and effectively manage our planned growth, including increasing our sales force to 250 representatives over the next year."
The company's market-leading, FDA-approved bioengineered living cell-based therapies, Apligraf® and Dermagraft®, have also experienced strong sales growth, with more than one million units of Apligraf and Dermagraft shipped for patient applications to date. Organogenesis continues to invest in new clinical data and peer-reviewed publications to demonstrate the real-world effectiveness of these pioneering products.
A major driver of Organogenesis' commercial expansion has been the execution of numerous new contracts with group payer organizations (GPOs) and hospital chains, bringing the Organogenesis product portfolio to more than 1,500 additional hospitals and wound healing centers across the United States.
"We are excited about these new growth opportunities and look forward to expanding Organogenesis' presence in the healthcare marketplace as we work to advance our mission of bringing safe, effective, and advanced wound care products to clinicians and patients across the globe," concluded Gillheeney.
About Organogenesis Inc.
Massachusetts-based Organogenesis Inc. is a global leader in advanced wound care innovation and technologies, including bio-active wound healing and soft tissue regeneration. The company's mission is to bring safe and effective wound care products to patients and to standardize their use in everyday medical care. Among Organogenesis' portfolio of products are FDA-approved Apligraf® and Dermagraft®, the best-in-class products for bio-active wound healing and recently launched, FDA-cleared PuraPly Antimicrobial™, which advances wound management for a wide variety of wound types.
CONTACT:
Angelyn Lowe
(781) 830-2353
[email protected]
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SOURCE Organogenesis Inc.
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