MiMedx awarded QTDP grant for CollaFix drug delivery device

MiMedx Group, Inc. (OTC Bulletin Board: MDXG), an integrated developer, manufacturer and marketer of patent protected biomaterial-based products, announced today that it has been awarded a Qualifying Therapeutic Discovery Project grant (QTDP) from the U.S. Government. The grant, in the amount of $244,479, has been made to defer some of the Company's research expenditures related to the development of its novel and patented technology, CollaFix™, as a drug delivery device.

The CollaFix™ collagen fiber technology was designed by MiMedx to mimic the natural composition, structure and mechanical properties of musculoskeletal tissues in order to augment their repair.  CollaFix™ is the only biological, biodegradable, biomimetic technology that matches human tendon in strength and stiffness. CollaFix™ also has unique characteristics as a potential drug delivery device which may enable it to deliver therapeutics while facilitating soft tissue repair.

Parker H. "Pete" Petit, MiMedx Chairman and Chief Executive Officer, stated, "CollaFix™ was developed with our patented cross-linking polymers and is designed to mimic native tissue biomechanics. We believe CollaFix™ has an array of potential applications for use.  As a drug delivery device, CollaFix™ has the potential to be far superior to conventional drug delivery devices. We anticipate CollaFix™ may have greater stability in vivo and its unique characteristics may permit it to deliver drugs and other therapeutics to a very precise site over an extended time. This potentially could minimize tissue damage."

"One of the remarkable qualities of CollaFix™ is its potential to absorb and deliver antibiotics and other therapeutics," said Bill Taylor, President and Chief Operating Officer of MiMedx. "CollaFix™ as a drug delivery device potentially could treat both acute and chronic diseases. Some of its possible applications include the administration of anti-inflammatory drugs during ligament and tendon surgery, administration of antibiotics to prevent infections associated with implantable medical devices such as pacemakers and glucose monitors, and antibiotics administration for the treatment of chronic diabetic ulcers."