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MiMedx Group, Inc. Adds Parker H. 'Pete' Petit as Chairman of the Board of Directors, President, and Chief Executive Officer
Date:2/25/2009

he spine, as well as a barrier for scar tissue formation after surgery.

The Company is preparing for its future growth. Its most recent Form 10-Q, filed on February 23, 2009, noted the fiscal challenges the Company must address in order to accomplish its goals, and management is aggressively seeking to address the Company's financial needs.

Recently, the Company began to prepare certain products for market launch and sales. Toward this end, the Company has explored distribution relationships with other organizations, and has also considered the acquisition of companies with product lines that would align with its products.

During calendar year 2008, the Company made progress, which resulted in a number of achievements, including:

  • SpineMedica completed the development of its Paradis Vaso Shield(TM) surgical sheet product, culminating in a submission for FDA 510(k) marketing clearance.
  • MiMedx successfully completed the build-out of its manufacturing facility, which is designed to permit MiMedx to operate in accordance with Good Manufacturing Practices (GMP) guidelines, which is important for seeking FDA and CE approval. This facility is now able to continuously spool NDGA-cross linked collagen fibers.
  • MiMedx finalized the design and concluded initial testing on its first NDGA cross linked collagen product, the BioBraid(TM), designed for tendon augmentation and repair.
  • LeveL Orthopedics developed and applied for patents on products focused on the fast-growing small-bone and joint field for the hand.

In calendar year 2009, assuming the Company meets its financial challenges, its scientists and engineers will continue to pursue significant and important results designed to furnish the Company with a robust product pipeline. The milestones the Company is working to achieve in calendar 2009 are:

  • SpineMed
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SOURCE MiMedx Group, Inc.
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