ATLANTA, Dec. 23 MiMedx Group, Inc. (OTC Bulletin Board: MDXG.OB) announced today that it has officially launched its first product, Paradis Vaso Shield(TM). In April 2009, The Food and Drug Administration cleared the Vaso Shield for use as a cover for vessels following anterior vertebral surgeries. The Vaso Shield is a permanent and transparent hydrogel product protected by multiple patents and patent applications, as well as a proprietary manufacturing process.
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Upon completion of an anterior spinal implant procedure, the physician places the Vaso Shield between the spinal implant site and the vessels and then sutures it to the perivertebral, non-vascular soft tissue to secure the implant. The device is designed to protect the vessels in subsequent anterior revision surgeries.
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The Company also announced the hiring of a Vice President of Sales and Marketing, Mr. Michael W. Carlton. Mr. Carlton brings an extensive background in the management of orthopedic and vascular implant sales and marketing. Mr. Carlton commented, "I am very impressed with MiMedx Group's two new biomaterials, namely its hydrogel and collagen fiber. These products have the potential to improve patient outcomes and significantly reduce costs. I look forward to joining this very experienced management team and assisting with the growth of MiMedx Group."
Parker H. "Pete" Petit, MiMedx Chairman and CEO, also commented, "This is an exciting day for MiMedx Group because it represents the commercialization of our first in a series of new products from our hydrogel material. With the hiring of Mike Carlton, we have added another experienced executive to our team. His expertise and leadership will be instrumental in developing our distribution network for our hydrogel spine products and for our future sports medicine collagen fiber products. We look forward to reporting the progress of our market acceptance and the growth of our revenues from Vaso Shield beginning in our first calendar quarter of 2010."
About MiMedx Group, Inc.
MiMedx Group, Inc. is an integrated developer, manufacturer and marketer of patent protected biomaterial-based products and is in the process of transitioning from a development-focused concern to an operating company focused on sales growth and profitability. The Company's assets include intellectual property protecting a collagen-based technology for augmentation of soft and connective tissue diseases and trauma and intellectual property protecting a novel durable hydrogel technology. The Company has received FDA clearance for its first durable hydrogel product, the Paradis Vaso Shield(TM), indicated for use as a cover for vessels following anterior spinal surgery.
Important Note regarding forward-looking statements and risk factors. 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 those regarding the revenues from the Paradis Vaso Shield(TM) beginning in the first quarter of 2010, the growth of MiMedx Group, the prospects for receiving regulatory clearances or approvals for additional hydrogel or collagen fiber products and the development of a distribution network for the Company's products. These risks and uncertainties including, that the Company currently requires additional capital to survive and achieve its goals, which may be difficult or impossible to obtain, that the Company may not receive requisite regulatory clearances and/or approvals to be able to market a full range of products or that such clearances or approvals may be delayed, that the Company may not be able to establish an effective distribution system for its products, and that the Company's products may not gain acceptance in the marketplace or that acceptance may be delayed. The risks and uncertainties also include the risk factors detailed in its Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended March 31, 2009, and its most recent Form 10-Q filed on November 16, 2009. The Company does not undertake to update its forward-looking statements.
SOURCE MiMedx, Inc.
