MiMedx Group Inc (OTCMKTS: MDXG) has been on the rise in recent days off its $0.95 all time lows. MiMedx® is a leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. The Company processes the human placental tissue utilizing its proprietary PURION® process methodology, among other processes, to produce allografts by employing aseptic processing techniques in addition to terminal sterilization. MiMedx has supplied over 1.3 million allografts to date.
MiMedx Group is a leading supplier of allografts processed from amniotic tissue, having supplied over 700,000 allografts to date for application in Wound Care, Burns, Surgery, Orthopedics, Spine, Sports Medicine, Ophthalmology and Dentistry. Ther amniotic membrane products include the brands, AmnioFix and EpiFix, as well as products that they supply on a private label or “OEM” basis. The Company continues to research new opportunities for amniotic tissue, and currently have several additional offerings in various stages of conceptualization and development.
Prior to landing on the over the counter NASDAQ had approved continued listing through February 25, 2019, in order to allow it to regain compliance with its SEC reporting requirements, but MiMedx said it would not be able to do so since it has to complete an assessment of revenue recognition for all of its sales, extending the timeline past February. On November 13 MiMedx released a NT 10-Q.
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According to Chairman Charles Evans “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 the device technologies HydroFix® and CollaFix™, and tissue technologies, AmnioFix® and EpiFix®. Our tissue technologies are processed from human amniotic membrane that is derived from the donated placentas. Through our donor program, mothers delivering full-term Caesarian births 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, effective and minimally manipulated implant for homologous use. MiMedx® is the leading supplier of amniotic tissue, having supplied over 100,000 implants to date to distributors and OEMs for applications in the Ophthalmic, Orthopedic, Spine, Wound Care, and Dental sectors of healthcare. Our platform technologies, AmnioFix®, EpiFix®, HydroFix® and CollaFix™, have such a vast number of potential applications in treating traumatized tissue and structures that it is difficult to accurately quantify. MiMedx Group is focused on commercializing multiple applications of all four technologies. In parallel, we are seeking strategic relationships to more rapidly commercialize our technologies.
In December MiMedx announced certain leadership changes and promotions in conjunction with its plans to implement a broad-based organizational realignment program designed to position the business for long-term success. Additional details regarding the program are available in the Company’s press release issued earlier today.
“As we continue our efforts to transform our business, we are focused on ensuring that we have the right team and organizational structure in place. Today’s realignment of key leadership roles is intended to support a seamless transition as we simplify and streamline our organizational structure with a view to operating more efficiently and effectively,” said David Coles, Interim Chief Executive Officer. “MiMedx remains focused on our core strengths in our traditional wound care business, while further developing the Company’s product pipeline. Most importantly, we are steadfast in our commitment to continuing to deliver products and support for healthcare providers and the patients they serve.”
The Company also announced on December 4, 2018, Ernst & Young LLP informed the Company’s Audit Committee that it has resigned from the engagement to audit the Company’s financial statements for the years ended December 31, 2017 and 2018, effective immediately. Additional information about Ernst & Young LLP’s resignation will be included in a Form 8-K to be filed with the SEC no later than December 11, 2018.
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Currently trading at a $227 million market valuation MDXG hit the OTCBB at the end of last year after being suspended by NASDAQ stock market. This is an exciting Company and a leading developer and marketer of regenerative and therapeutic biologics. These ex big boards have a long history of making big moves once on the OTCBB and MDXG is no exception rising over 70% in the last 10 days. We will be updating on MDXG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MDXG.
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Disclosure: we hold no position in MDXG either long or short and we have not been compensated for this article.