MARIETTA, Ga., April 11, 2011 /PRNewswire/ -- MiMedx Group, Inc. (OTCBB: MDXG), an integrated developer, manufacturer and marketer of patent protected biomaterial-based products and bioimplants processed from human amniotic membrane, announced today the nation-wide launch of the Company's latest product, EpiFix™, a biologic implant specifically processed to offer a wide variety of wound healing and wound care options. The Company also announces the hiring of Frank Burrows as its Vice President of Wound Care.
Parker H. "Pete" Petit, Chairman and CEO, stated, "EpiFix™, another of our products resulting from MiMedx Group's proprietary Purion® process, produces an allograft from amniotic tissue which is optimized for numerous wound care applications.. In our clinical studies, EpiFix™ has outperformed the competitive products."
According to the 2010 iData report, the combined U.S. wound and tissue management market was valued to be in excess of $7.4 billion. "With the wound care market representing such a large opportunity, we have added another key executive to our organization. Effective today, Frank Burrows joins MiMedx in the newly created capacity of Vice President of Wound Care. Frank brings to MiMedx over 20 years of experience and expertise in developing and implementing sales and marketing programs that have created growth for numerous medical devices and pharmaceuticals in the areas of wound closure, wound healing, tissue engineering, and bio-active therapeutics. Frank's expertise and in-depth command of the wound care, wound healing and tissue markets was gained through key roles at J & J Wound Management, Smith & Nephew, Advanced Tissue Sciences and Histogen Aesthetics," added Petit.
MiMedx reported that EpiFix™ is the wound care branded tissue resulting from the Company's proprietary Purion® process. The amniotic tissue produced using the Purion® Process has generated a growing demand for easy to use, minimally manipulated allografts and has experienced increased growth in the areas of ophthalmology, dental, spine and sports medicine. The Company's tissues have been used in over 30,000 implants to date.
"Frank joins us today to spearhead the EpiFix™ launch and lead the Sales & Marketing of our wound care initiative. We have EpiFix™ inventory, and MiMedx expects EpiFix™ to generate revenues in the second quarter. Our wound care initiative, serving both civilian and military, will focus on wound care clinics, hospitals, general practice clinics, physicians and private label opportunities," Petit said.
Bill Taylor, President and COO, stated, "With the substantial size of the market opportunity and the industry-leading amniotic tissue processing capabilities within our Surgical Biologics subsidiary, we believe that MiMedx has the potential to capture market share in multiple segments of this extremely large market. These segments include diabetic foot ulcers, bed sores, anti-scaring barriers, burn therapy, plastic surgery and several other clinical applications."
About the Company
MiMedx is an integrated developer, manufacturer and marketer of patent protected biomaterial-based products and bioimplants manufactured from human amniotic membrane. The Company has an experienced team poised to capitalize on its science and technology to generate rapid sales growth and profitability. Our mantra is "Repair, don't replace" because our biochemists, engineers, designers and physicians believe it is better to augment repair when possible rather than replace traumatized, but otherwise healthy tissues and structures. Our platform technologies, HydroFix™ and CollaFix™, and our newest platform technology, Purion® developed by our wholly-owned subsidiary, Surgical Biologics, have a vast number of potential applications in treating traumatized tissue and structures and MiMedx is focused on commercializing multiple applications for the Company's three technology platforms. In parallel, we are seeking strategic relationships, in selective categories, to more rapidly commercialize our technologies.
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 anticipated demand for the Company's EpiFix™ tissues and other tissues processed using the Company's proprietary Purion® process; the market opportunities in wound care, wound healing, burn therapy, plastic surgery, diabetic foot ulcers, sports medicine, spinal applications, ophthalmology, dental and other clinical applications, and the Company's ability of to generate revenues and capture market share in the areas of market opportunity; the potential impact of the Company's new executive in growing EpiFix™ revenues and market share; and the Company's revenue expectations for EpiFix™ in the second quarter of 2011. 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 demand for the Company's AmnioFix™ and EpiFix™ products is below expectations; that the market opportunities in wound care, wound healing, burn therapy, plastic surgery, diabetic foot ulcers, sports medicine, spinal applications, ophthalmology, dental and other clinical applications do not materialize or that the Company does not capture market share in the areas of market opportunity; that the Company's new executive does not have the expected impact in growing EpiFix™ revenues and market share; that the Company may fail to achieve its revenue expectations for EpiFix™ in the second quarter of 2011; that to survive and achieve its goals the Company may require additional capital, which may be difficult or impossible to obtain; 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, 2010. 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.