MARIETTA, Ga., March 23, 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, Spinal, Sports Medicine, Ophthalmic and Dental sectors of healthcare, announced today that it has received notice from the Department of Justice that it has declined at this time to intervene in the qui tam action that gave rise to the issuance of a subpoena to MiMedx from the Department of Health and Human Services, Office of Inspector General ("OIG") a few months ago.
MiMedx has extensively cooperated with the government in responding to the subpoena and has provided in excess of 100,000 lines of electronic data to the OIG. The Company took the initiative to expedite the investigative process and rapidly produced responsive documents needed by the OIG to conduct its investigation.
Parker H. Petit, Chairman and CEO, said, "We are pleased that the government has declined at this time to intervene in the qui tam action. We appreciate the expediency, professionalism and thoroughness with which the OIG conducted its investigation. We will continue to cooperate with any other requests by the government, and we are confident that we have not engaged in wrongdoing which would support a qui tam action. This inquiry has certainly allowed us to comprehensively evaluate all aspects of our compliance programs and reaffirm the effectiveness of our policies and standards. We are pleased that we have continually maintained a culture of compliance and diligently stressed adherence within our organization. We welcome the opportunity for our industry practices to be put under the microscope. Our experience needs to serve as a catalyst for all of our industry to ensure all practices are beyond reproach. All of our industry organizations owe this to the countless patients, their physicians and their health plans that benefit from our respective products and services."
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 include AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is 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 350,000 allografts to date 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 MiMedx's belief that it has not engaged in wrongdoing which would support a qui tam action, that MiMedx's compliance policies and standards are effective, and that MiMedx has continually maintained a culture of compliance and diligently stressed adherence within the organization. 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 a qui tam action is brought privately by a relator, that the government opts to intervene in a qui tam action at a later date, that the Company's compliance policies are not effective, and that the Company has not maintained a culture of compliance or diligently stressed adherence to its policies, 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 subsequent Forms 10-Q. 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.