MARIETTA, Ga., Dec. 1, 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 products' coverage by commercial health plans.
Parker H. "Pete" Petit, Chairman and CEO, stated, "Since we last provided an update of the status of reimbursement coverage for our EpiFix® allografts, we have made further advances in gaining additional coverage from commercial health plans. Recently, we added another major national commercial health plan along with a number of regional commercial plans. These additional commercial health plans adding MiMedx allografts to their coverage policies increased the number of covered lives by close to 9 million over the covered lives we reported in our press release of October 29, 2015."
MiMedx reports that 168 commercial health plans representing 170.4 million covered lives are currently providing insurance coverage for the Company's allografts. Within these 168 commercial health plans, Blue Cross/Blue Shield plans encompassing 45 states plus the District of Columbia also provide insurance coverage for their members to be treated with MiMedx allografts. Additionally, 36 million Medicare and 49.1 million Medicaid beneficiaries have insurance coverage provided for the Company's allografts as of this time.
Bill Taylor, President and COO, said, "We are pleased with the rapid pace at which we are gaining coverage from additional national and regional commercial plans. The tens of thousands of patients treated with our dehydrated human amnion/chorion membrane (dHACM) allografts are experiencing very impressive outcomes from both the measurement of the clinical results and costs of treatment. As additional commercial and Medicaid plans add coverage for our allografts, more and more patients will be able to benefit from the compelling outcomes produced by the MiMedx products."
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, that as additional commercial and Medicaid plans add coverage for MiMedx allografts, more patients will be able to benefit from improved outcomes produced by the Company's 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 pace at which the Company is gaining coverage from additional national and regional commercial plans may not be sustained or may decrease, that the rate of beneficial patient outcomes produced by the Company's products, from both a clinical results standpoint and a cost of treatment standpoint, may not continue, 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.