KENNESAW, Ga., March 18, 2013 /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 MiMedx management has received a number of inquiries regarding trading activity in its shares late last week and the resultant drop in the trading price for the Company's common stock.
After investigation, management believes that on Thursday and Friday there was some significant short selling activity and price manipulation orchestrated by a few individuals and brokerage houses, using the Yahoo chat room and Twitter. The Company's investigation is continuing. The Company intends to turn this information over to FINRA, the SEC, and a law firm that specializes in bringing actions to redress these types of activities.
The Company reiterated its first quarter of 2013 revenue goal of between $10.5 and $11.5 million. At this point, the Company expects to meet that goal. The Company also reiterated its full year revenue goal of between $50 and $60 million. As stated previously, actual results generally will depend on how quickly the Medicare intermediaries clear reimbursement for EpiFix®, the Company's wound care allograft, and the subsequent staffing required for the direct sales force in those areas where reimbursement coverage is received. At this point, five of the nine intermediaries have cleared reimbursement for that product.
Parker H. "Pete" Petit, Chairman and CEO, commented, "It is unfortunate that some of our shareholders were duped into selling their shares by unscrupulous parties who stood to profit from their manipulations. My previous company was involved with a similarly orchestrated short sell attack in 2006, so I am familiar with their processes and our solutions. We will do everything we can to bring this si
|SOURCE MiMedx, Inc.|
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