TAMPA, Fla., April 1, 2008 /PRNewswire-FirstCall/ -- MiMedx Group, Inc. (OTC Bulletin Board: MDXG), formerly known as Alynx, Co. (OTC Bulletin Board: AYXC), today reported that the contemplated reverse stock split and the redomestication from Nevada to Florida and related name change, to MiMedx Group, Inc., was approved at the shareholders' meeting held March 31, 2008. As a result of the reverse split and redomestication, each former share of Alynx, Co. common stock was converted into approximately 0.3234758 shares of MiMedx Group, Inc. common stock. As a result of the reverse split, there are approximately 36.5 million shares of Common Stock issued and outstanding and an additional 5.3 million shares of Common Stock reserved for issuance for outstanding options and warrants.
Tom D'Alonzo, Chief Executive Officer of MiMedx Group, Inc. stated: "We are pleased to have completed the second stage of this project. Our shares will begin trading under the new symbol 'MDXG.OB' on April 2, 2008."
As a result of the reverse split and redomestication, former holders of MiMedx, Inc. capital stock now hold a number of shares of MiMedx Group, Inc. common stock equal to the number of shares that they held in MiMedx, Inc. prior to the reverse merger transaction with Alynx, Co., which closed February 8, 2008.
About MiMedx Group, Inc.
Founded in 2006, MiMedx Group, Inc. is the parent company for MiMedx, Inc., a development-stage Florida corporation with technology focusing on biomaterials for soft tissue repair, such as tendons, ligaments and cartilage, as well as other biomaterial-based products for other medical applications. MiMedx, Inc., based in Tampa, Florida, holds an exclusive, worldwide license from the Shriner's Hospital for Children and the University of South Florida Research Foundation for certain nordihydroguaiaretic acid (NDGA) technology. MiMedx is targeting this proprietary technology for a number of diverse medical applications. MiMedx, Inc. also has a wholly-owned subsidiary, SpineMedica, LLC, based in Atlanta, Georgia, led by an industry veteran, R. Lewis Bennett. SpineMedica, a Florida limited liability company, is a development-stage company focusing on the commercialization of medical device technologies for application in the spine and chronic back pain. SpineMedica's goal is to acquire promising technologies in this field through licensing arrangements and develop and commercialize such technologies.
For further information, please refer to the Current Report on Form 8-K to be filed by MiMedx Group, Inc. with the SEC as soon as practicable and the Proxy Statement on Schedule14A filed by Alynx, Co. with the SEC on March 10, 2008, accessible at: http://www.sec.gov/edgar/searchedgar/companysearch.html . You may also contact Matthew J. Miller, Executive Vice President of MiMedx Group, at 813-866-0000, for additional information.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. For example, MiMedx and SpineMedica may be unable to continue their efforts on particular products due to future laboratory results. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
|SOURCE MiMedx Group, Inc.|
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