MiMedx Group acquires Surgical Biologics

Download PDF Copy

Reviewed

MiMedx Group, Inc.Jan 6 2011

MiMedx Group, Inc. (OTC Bulletin Board: MDXG), an integrated developer, manufacturer and marketer of patent protected biomaterial-based products, announced today the completion of the purchase of Surgical Biologics, a leader in the development of tissue processing techniques for creating implants for a variety of surgical indications from amnion membranes. The deal was originally announced on December 21, 2010.

This transaction expands MiMedx' innovative biomaterial offerings. "Now, we have three biomaterial platforms to offer to physicians and our distribution networks. The Surgical Biologics' proprietary tissue processing technology, Purion®, is a perfect complement to our existing HydroFix™ and CollaFix™ platform technologies. With this transaction, the Surgical Biologics tissue implants are now available to our sales reps and distributors. Combined with our HydroFix™ Vaso Shield and HydroFix™ Spine Shield products, the Surgical Biologics tissue implants give MiMedx a broader portfolio that immediately serves the demands and surgical preferences of practicing physicians," said Parker H. "Pete" Petit, Chairman and CEO of MiMedx.

Surgical Biologics, which will operate as a wholly owned subsidiary of MiMedx Group, is a pioneer in the development of the latest advances in processing amniotic membrane tissues that provide safe, reliable and effective implants. The Purion® tissue processing technology produces an implant that is minimally manipulated, and its tissues are in over 30,000 implants. The Purion® process follows strict guidelines for allograft processing established by the Food and Drug Administration ("FDA") and the American Association of Tissue Banks ("AATB").

"As our CollaFix™ products receive their initial clearances from the FDA, and our HydroFix™ products continue to receive additional clearances and certifications, the combination of the Purion® tissue processing technology for soft tissue repair could give us offerings that are extremely complementary to our planned CollaFix™ and HydroFix™ products," added Petit.

MiMedx affirmed its previously announced expectations for the transaction will be accretive in 2011. MiMedx continues to project the 2011 revenues to be generated from the Surgical Biologics processed tissue to be in the range of $7 million.

Source:

MiMedx Group, Inc.

Posted in:

Comments (0)

Download PDF Copy

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.

Post a new comment

(Logout)

Post

Sign in to keep reading

We're committed to providing free access to quality science. By registering and providing insight into your preferences you're joining a community of over 1m science interested individuals and help us to provide you with insightful content whilst keeping our service free.