KENNESAW, Ga., Aug. 6, 2012 /PRNewswire/ -- MiMedx Group, Inc. (OTCBB: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today that the Company has raised over $4.9 million through the exercise of Callable Warrants issued in conjunction with the October 2010 Private Placement.
The Company exercised its right to redeem the Warrants effective August 3, 2012. Holders had the option to exercise the Warrants or have them redeemed by the Company. Over 98% of the Callable Warrants were exercised.
Parker H. "Pete" Petit, Chairman and CEO, said, "The exercise of these Warrants is a 'win-win' for the Company and our investors, as it strengthens our balance sheet, and provides a nice return for the holders. The Company intends to use the proceeds for general operating needs, including additional clinical trials, as well as the addition of some key direct sales force hires. These hires will also help expedite our strategy to expand our direct sales representatives and move toward a blended sales force."
Cancellation of Second Contingent Warrants
The Company also announced the cancellation of approximately 3.2 million Second Contingent Warrants. The Warrants had been issued to holders that invested in the Company's October 2010 Private Placement and the Senior Secured Promissory Notes issued in December 2011. More details regarding the terms of the private placement and warrants are disclosed in the Company's SEC filings.
About the Company
MiMedx® is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal its
|SOURCE MiMedx Group, Inc.|
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