MiMedx Group, Inc. announced yesterday the completion of the purchase of Surgical Biologics. The deal was originally announced on December 21, 2010. Surgical Biologics develops bioimplants processed from human amniotic membrane. They can be used for a broad spectrum of surgical indications. Purion® is a patent pending process created by Surgical Biologics.
Surgical Biologics will operate as a wholly owned subsidiary of MiMedx Group, Inc. Surgical Biologics 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 more than 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).
MiMedx Group, Inc. affirmed their 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. This transaction expands MiMedx’ innovative biomaterial offerings.
Mr. Parker H. “Pete” Petit, Chairman and CEO of MiMedx Group, Inc. said, “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.”
Mr. Petit added, “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.”
Headquartered in Marietta, Georgia, MiMedx Group, Inc. is an integrated developer, manufacturer, and marketer of patent protected biomaterial-based products. The Company is successfully emerging from a development-focused start-up into a fully integrated operating company. They have an experienced team poised to capitalize on their science and technology to generate rapid sales growth and profitability.
The Company’s platform technologies, HydroFix™ and CollaFix™, have an extensive number of potential applications in treating traumatized tissue and structures. MiMedx focuses on commercializing multiple applications of both technologies. They are also seeking strategic relationships, in selective categories, to more rapidly commercialize their technologies.
For more information, visit www.mimedx.com