Preserving healthy tissue is of utmost importance when dealing with traumatized areas of the body. MiMedx Group Inc. uses the mantra, “Repair, don’t replace,” as its focal point for developing technologies and new treatment areas. MiMedx was formed through a merger between early-stage companies MiMedx Inc. and SpineMedica Corp. It has three biomaterial technology platforms based in orthopedics and is pursuing applications in ophthalmology, dental, and other
|The stiffness of CollaFix mimics that of human tendons and ligaments.
areas through OEM partnerships. Its HydroFix platform is a biocompatible hydrogel that is designed to mimic soft tissue. There are only two products on this platform, but MiMedx sees several potential areas of expansion for this technology, including within cardiovascular and open heart surgery, hernia repair, plastic and reconstructive surgery, and obstetrics and gynecological surgery.
The CollaFix platform is designed to mimic the natural structure of musculoskeletal tissues in order to promote repair. Although technologies within this platform aren’t yet available for sale, MiMedx has more plans to expand its use into tendon and ligament repair, gynecological repair, neurological surgery, and plastic surgery.
With more than 30 issued and pending patents, the company foresees a multibillion-dollar market opportunity for its products. Its acquisition of Surgical Biologics has paved the way for more diverse product indications. MiMedx also raised more than $16 million during the past 18 months. It saw the first of its revenue, generated by the HydroFix Vaso Shield and HydroFix Spine Shield in Europe, in the first quarter of 2010. MiMedx expects to see revenue from its CollaFix surgical mesh and tendon wrap device in mid-2011 and anticipates its earnings will break even midyear. The company projects that revenue generated from Surgical Biologics will be around $7 million.
Focus Going Forward
- Capitalize on IP through internal product development and strategic partnerships.
- Develop distributor partnership network in international markets.
- Mature management structure and
- processes ahead of revenue growth profile.
- January 2011: Acquires Surgical Biologics.
- December 2010: Receives U.S. government grant for CollaFix.
- June 2010: FDA clears additional
- configurations of HydroFix Vaso Shield.
- February 2010: Completes new branding initiative.
- October 2009: Sells LeveL Orthopaedics, its upper extremity business, to UPex
- Holdings LLC for more than $1 million.
|The Mimedx platform of biomaterial products could be game-changers in repair-based surgeries.
Parker H. Petit, chairman and CEO
William C. Taylor, president and COO
Michael J. Senken, vice president and CFO
Michael W. Carlton, executive vice president, sales and marketing
Roberta McCaw, general counsel and secretary
Thomas J. Koob, PhD, chief scientific officer
Rebeccah J.C. Brown, PhD, executive vice president, product development
John Daniel, president, Surgical Biologics
Don Fetterolf, MD, vice president, medical affairs
Marietta, GA | 866/477-4219