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News
MiMedx, Inc. Merges with SpineMedica Corp.
Destin, Fla. — August 9, 2007 — MiMedx, Inc. announced today that it has acquired SpineMedica Corp., a major step in its strategy of creating a broad-based orthopedics implant provider with a focus on motion-preserving spine technologies, soft-tissue repair, and extremity (small bone and joint) implants.
The Company's broad orthopedic potential product offerings are combined with seasoned executives leading the way, including MiMedx CEO Thomas D'Alonzo, the former President of Glaxo, Inc. and SpineMedica CEO Lew Bennett, one of the founders of Howmedica and a former senior executive and officer of Sofamor Danek. Adding to this world-class management team is Paul Nichols, formerly senior management of dj Ortho and founder of Nexa Orthopedics. In addition, MiMedx has assembled a physician advisory board of leaders in the field, led by Dr. James Andrews for sports medicine, by Dr. Thomas Graham for hand and small joint, and by Dr. Randy Betz for spinal applications.
MiMedx believes the merger will streamline innovation and reduce operating costs by sharing resources. In the end, MiMedx believes that its future patients will benefit through its provision of spine, soft tissue repair, and small joint products by a single fully-integrated orthopedics company.
"This merger is a logical next step that we believe adds significant value to the Company," said MiMedx Chairman Steve Gorlin, adding that "it is our hope that it will benefit future customers through new products and expanded service capabilities."
Under the terms of the merger agreement and related documents, SpineMedica Corp., now SpineMedica, LLC, shareholders received consideration consisting of one share of MiMedx stock for one share of SpineMedica stock, with the SpineMedica Series A Preferred shareholders receiving MiMedx Series B Preferred shares.
About MiMedx, Inc.
Founded in 2006, MiMedx, Inc. is a development-stage Florida corporation with technology focusing on biomaterials for soft tissue repair, such as tendons, ligaments and cartilage, as well as other biomaterial-based products for other medical applications. The company, currently headquartered in Destin, Florida, holds an exclusive, worldwide license from the Shriner's Hospital for Children and the University of South Florida Research Foundation for certain nordihydroguaiaretic acid (NDGA) technology. MiMedx is targeting this proprietary technology for a number of diverse medical applications.
About SpineMedica, LLC (formerly SpineMedica Corp.)
SpineMedica, LLC, a Florida limited liability company, is a development-stage company focusing on the commercialization of medical device technologies for application in the spine and chronic back pain. SpineMedica's goal is to acquire promising technologies in this field through licensing arrangements and develop and commercialize such technologies. Additional information about SpineMedica is available by visiting its web site at http://www.spinemedica.com/.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements that are based on MiMedx management's beliefs and assumptions and on information currently available. Forward-looking statements include the information concerning possible or assumed future results of operations, business strategies, potential growth opportunities, and benefits resulting from the merger with SpineMedica. Forward-looking statements include all statements that are not historical facts.
Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements. MiMedx does not have any intention or obligation to update forward-looking statements after the date of this release.
You should understand that many other important factors could cause the results to differ materially from those expressed in forward-looking statements. These factors include competitive environment, changes in the executive team, rapid technological change, economic and other conditions in the markets in which MiMedx operates, inability to obtain regulatory approval, risks related to the commercialization of new products, if any, future financing needs, and the ability to manage growth effectively.
For additional information on this release or MiMedx, please contact Maria Steele, Senior Vice President of MiMedx, Inc., at 850-269-0000.
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These statements have not been reviewed by the FDA.
This website is not meant as a substitute for professional medical advice.
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