MIMEDX Expands Portfolio with Fibrillar Collagen Wound Dressing
March 20 2024 - 7:00AM
MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”) today
announced that it has entered into an agreement with TELA Bio, Inc.
to obtain exclusive rights to its manufacturing and supply
agreement with Regenity Biosciences that will enable the Company to
add xenograft products to its portfolio of Advanced Wound Care and
Surgical solutions.
Commenting on this agreement, Joseph H. Capper, MIMEDX Chief
Executive Officer, stated, “We are excited to announce the
formation of this partnership with Regenity and believe it is an
important step toward achieving our long-term growth plan. As we
have stated, one of our strategic priorities is to augment our
best-in-class placental-derived product portfolio with xenografts
and/or synthetic skin substitutes in order to meet the needs of a
greater number of customers, domestically and abroad. We are
thrilled to begin this collaboration with Regenity, which will add
highly complementary products to our growing portfolio of trusted
brands and improve our competitive position in the Wound and
Surgical markets we serve.”
As part of the manufacturing and supply agreement, MIMEDX will
immediately add a 510(k) cleared, bovine-derived collagen matrix
product indicated for the management of moderately to heavily
exudating wounds and to control minor bleeding to its portfolio.
The collagen in this product serves as a dressing that allows for
cell adhesion and migration into the wound site and supports wound
healing. It is provided in particulate form allowing it to be
molded or packed to conform to various wound types such as pressure
ulcers, venous stasis ulcers, diabetic ulcers, acute wounds, for
example trauma and surgical wounds, and partial-thickness
burns.
“We are excited to pair this product with our expansive
commercial channel and support network to offer surgeons,
clinicians, and their patients another particulate solution that
can be used for acute and chronic wound management,” continued Mr.
Capper. “Additionally, we look forward to partnering with Regenity
and leveraging their expertise to bring other products in our
pipeline to market in the future. With the growth goals we have
outlined, we continue to evaluate ways to strategically diversify
our portfolio, both organically and inorganically, in order to
enable MIMEDX to provide a best-in-class offering of innovative
healing solutions.”
Under the terms of the agreement with TELA Bio, MIMEDX will make
an initial $5.0 million payment and additional future payments
aggregating between a minimum of $3.0 million and a maximum of $7.0
million based on net sales of the bovine-derived collagen matrix
product over the next two years.
About MIMEDXMIMEDX is a pioneer and leader
focused on helping humans heal. With more than a decade of helping
clinicians manage chronic and other hard-to-heal wounds, MIMEDX is
dedicated to providing a leading portfolio of products for
applications in the wound care, burn, and surgical sectors of
healthcare. The Company’s vision is to be the leading global
provider of healing solutions through relentless innovation to
restore quality of life. For additional information, please visit
www.mimedx.com.
About TELA Bio, Inc.TELA Bio, Inc. (NASDAQ:
TELA) is a commercial-stage medical technology company focused on
providing innovative technologies that optimize clinical outcomes
by prioritizing the preservation and restoration of the patient's
own anatomy. The Company is committed to providing surgeons with
advanced, economically effective soft-tissue reconstruction
solutions that leverage the patient's natural healing response
while minimizing long-term exposure to permanent synthetic
materials. For more information, visit www.telabio.com.
About Regenity BiosciencesRegenity Biosciences
is the leading global developer and manufacturer of bioresorbable
technologies to repair and regenerate natural tissue and bone for a
variety of markets including dental, spine, orthopedic,
neurosurgery, ENT and nerve repair. Founded in 1997, Regenity
(formerly Collagen Matrix, Inc.) is headquartered in Paramus, New
Jersey, with manufacturing locations in Oakland and Allendale, New
Jersey and Groningen, the Netherlands. Regenity's product portfolio
includes a variety of collagen-based and synthetic polymer
solutions that support the company's platform for tissue and bone
regeneration. Regenity develops proprietary products that are sold
to OEM customers on either a contract or private label basis and
offers partnership opportunities including contract product
development and manufacturing services. For more information,
please visit www.regenity.com.
Contact:Matt NotarianniInvestor
Relations470-304-7291mnotarianni@mimedx.com
MiMedx (NASDAQ:MDXG)
Historical Stock Chart
From Mar 2024 to Apr 2024
MiMedx (NASDAQ:MDXG)
Historical Stock Chart
From Apr 2023 to Apr 2024