Navigation Links
MiMedx Group Completes $5,000,000 Private Placement
Date:7/5/2011

MARIETTA, Ga., July 5, 2011 /PRNewswire/ -- MiMedx Group, Inc.  (OTCBB: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials including bioimplants processed from human amniotic membrane, announced today that the Company's $5,000,000 private placement offering to sell common stock and warrants has been over-subscribed.

From the commencement of the offering on October 30, 2010, through June 30, 2011, the Company sold approximately 6,545,000 shares of common stock at a price of $1.00 per share and received proceeds of approximately $6,417,000, net of $128,000 in offering costs. Participating investors also received warrants to purchase the Company's common stock. Through June 30, 2011, the Company issued a total of 3,272,500 warrants. More details regarding the private placement, including the terms of the warrants, are disclosed in the Company's SEC filings.

Parker H. "Pete" Petit, Chairman and CEO, said, "We are pleased with the degree of participation from our existing shareholders, and we are very grateful to have their continued support. We appreciate the confidence of the new investors that participated in this private placement.  As with our previous private placements, I again participated in this offering along with some other MiMedx directors. The cash will primarily be used to fund additional working capital, such as the inventory and accounts receivable required to support our revenue growth.  This capital should provide the Company with sufficient cash to transition through EBITDA breakeven and to profitability."

Commenting further on the Company's growth, Petit added, "We should achieve our EBITDA break-even during the third quarter which is a major milestone for the Company. We are experiencing an excellent reception to our amniotic membrane tissue, and we will report a very good second quarter with revenue significantly higher than our first quarter."

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 biomaterial-based platform technologies, HydroFix™ and CollaFix™, along with AmnioFix™ and EpiFix®, our tissue-based platform technologies that utilize our proprietary Purion® process developed by our wholly-owned subsidiary, Surgical Biologics, have a vast number of potential applications in treating traumatized tissue and structures. MiMedx is focused on commercializing multiple applications for the Company's four 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 use of the funds from the private placement, the adequacy of the funds received to transition the Company through EBITDA break even and profitability, and the Company's ability to achieve EBITDA break even in the third quarter. 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 that unanticipated events may prevent the Company from using the proceeds of the private placement for the intended purpose, that the Company may require additional capital beyond the proceeds of the offering referenced in this release to achieve its goals, that the Company many not be able to achieve or sustain EBITDA breakeven or profitability, 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 and its most recent Form 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.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. MiMedx Group Announces Temporary Trading Symbol Designation
2. MiMedx Group, Inc. to Present at Noble Financial Sixth Annual Equity Conference
3. MiMedx Group, Inc. Announces Release Date For Third Quarter Results
4. MiMedx Group, Inc. to Present at the 13th Annual Needham Growth Conference
5. MiMedx to Attend American Academy of Orthopedic Surgeons Annual Meeting
6. MiMedx Announces Launch of AmnioFix™
7. MiMedx Group, Inc. to Present at the 10th Annual Needham Healthcare Conference
8. MiMedx Group Announces 2010 Results
9. MiMedx Group Announces First Quarter 2011 Results
10. MiMedx Group, Inc. to Present at the Noble Financial Capital Markets Seventh Annual Equity Conference
11. Duff & Phelps Acquires Lumin Expert Group To Build Global Intellectual Property Practice
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... ... its second eBook, “Clinical Trials Patient Recruitment and Retention Tips.” Partnering with experienced ... this eBook by providing practical tips, tools, and strategies for clinical researchers. , ...
(Date:6/23/2016)... June 23, 2016 Houston Methodist Willowbrook ... Cy-Fair Sports Association to serve as their official ... Houston Methodist Willowbrook will provide sponsorship support, athletic ... with association coaches, volunteers, athletes and families. ... Cy-Fair Sports Association and to bring Houston Methodist ...
(Date:6/23/2016)... ... 2016 , ... Supplyframe, the Industry Network for electronics hardware ... . Located in Pasadena, Calif., the Design Lab’s mission is to bring together ... built and brought to market. , The Design Lab is Supplyframe’s physical representation ...
(Date:6/23/2016)... June 23, 2016 ... 2016;12(1):22-8 http://doi.org/10.17925/OHR.2016.12.01.22 Published recently ... peer-reviewed journal from touchONCOLOGY, Andrew D Zelenetz ... of cancer care is placing an increasing burden ... expensive biologic therapies. With the patents on many ...
Breaking Biology Technology:
(Date:6/9/2016)... 2016 Paris Police Prefecture ... security solution to ensure the safety of people and operations ... the major tournament Teleste, an international technology group ... announced today that its video security solution will be utilised ... up public safety across the country. The system roll-out is ...
(Date:6/3/2016)... , June 3, 2016 ... Management) von Nepal ... und Lieferung hochsicherer geprägter Kennzeichen, einschließlich Personalisierung, ... führend in der Produktion und Implementierung von ... der Ausschreibung im Januar teilgenommen, aber Decatur ...
(Date:6/2/2016)... , June 2, 2016   The Weather Company , ... Watson Ads, an industry-first capability in which consumers will be ... able to ask questions via voice or text and receive ... Marketers have long sought an advertising ... that can be personal, relevant and valuable; and can scale ...
Breaking Biology News(10 mins):