MARIETTA, Ga., Jan. 12, 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 the status of the Company's National Account contracts with Group Purchasing Organizations ("GPOs") and Integrated Delivery Networks ("IDNs") represent in excess of 4,000 U.S hospitals under contract for MiMedx allografts.
"GPOs and IDNs have become extremely effective financial and performance improvement partners for healthcare providers," said Parker H. Petit, Chairman and CEO. "These GPOs and IDNs have proven track records for assisting providers in improving patient outcomes and reducing costs and waste. We share these same goals of improving patient outcomes while reducing costs. We are very pleased with the pace at which we have entered into contractual relationships with various GPOs and IDNs, and we attribute that success to our shared philosophy. Our peer-reviewed published clinical studies have shown that the application of our allografts results in high rates of complete wound healing, less time to achieve wound healing, reduced costs and minimal product wastage."
The Company reported that several of the GPO and many of the IDN contracts contain amniotic tissue skin substitute commitment levels for MiMedx allografts.
Bill Taylor, President and COO, commented, "We have assembled a strong National Accounts sales team, and we are in on-going negotiations with many other GPOs and IDNs. Certain of these IDNs are affiliated with the GPOs currently under contract with MiMedx, and some have other GPO affiliation. We will continue to focus on the expansion of our network of GPOs and IDNs under contract with MiMedx. We are extremely pleased that the majority of our current GPO and IDN contracts provide for the full line of MiMedx products and allografts. With the countless private, community, and specialty hospitals, along with the managed care organizations, physician networks, community health centers, home care, and other health-related providers under contract with these GPOs and IDNs, we are continually increasing the base of patients who have access to and can benefit from our clinically effective and cost effective allografts."
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, the Company's products' performance in improving patient outcomes while reducing costs, the utilization commitments made by many GPOs and IDNs for the Company's products, the Company's continued expansion of its network of GPOs and IDNs under contract, and that the Company will continue to increase the base of patients who have access to and can benefit from the Company's products. 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 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 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, 2013, 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.