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September 4, 2013
15:38 EDTMDXGMiMedx disagrees with FDA position, reiterates FY13, FY14 guidance
MiMedx Group confirmed that it is in receipt of an "Untitled Letter" from the Food and Drug Administration. The company further announced that it expressly disagrees with the position in the letter and has been in conversation with the FDA to resolve the matter as quickly as possible. The letter questions the Company's Amnion / Chorion Injectable products' eligibility for marketing solely under Section 361 of the Public Health Service Act. COO Bill Taylor commented, "The Company was surprised by this letter considering the FDA conducted a directed inspection of our facility in July 2012, one of the express purposes of which was to 'determine the status of the [Company's] AmnioFix injectable product.' The inspection report indicated that 'information regarding the [Company's] AmnioFix Injectable product, which was rolled out August 2011, was collected and forwarded to CBER for review. The information collected included advertising, packaging, process procedures and studies conducted related to the product.' Following that inspection, the inspector advised us that CBER had completed its review and had no findings or further questions and, therefore, the inspection was classified as NAI, or No Action Indicated. The formal establishment inspection report confirming the NAI conclusion was issued on December 4, 2012." MiMedx said it proceeded with marketing the injectable product only after receiving advice from outside legal counsel that the product met the criteria for regulation as an HCT/P under Section 361 of the Public Health Service Act. The company said it believes the FDA's conclusion is based on a misunderstanding of the micronization process and is responding to the Untitled Letter and will reiterate its request for a meeting with the FDA. The company reiterated its expected revenue range for 2013 of $54M-$60M and its 2014 goal of $90M-$110M. The revenues from the company's injectable are projected to be approximately 15% of the company's 2014 revenues. CEO Parker "Pete" Petit stated, "Based on other precedents, the Company believes it should be able to continue to sell its injectable products, but even if that not the case, management believes it can refocus its resources to achieve its stated revenue goals."
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July 14, 2014
10:56 EDTMDXGMiMedx says EpiFix addded as covered product in Jurisdiction H
MiMedx Group announced that the Medicare Administrative Contractor responsible for Jurisdiction H, which has approximately five million beneficiaries in Texas, Oklahoma, Louisiana, New Mexico, Colorado, Mississippi and Arkansas, has revised its Local Coverage Determination, LCD, for bioengineered skin substitutes in the hospital outpatient and physician office settings to include EpiFix. The revision to the LCD, entitled Bioengineered Skin Substitutes, names MiMedx's wound care allograft, EpiFix, as eligible for Medicare coverage when medically necessary and reasonable, subject to the coverage indications and limitations set forth in the LCD. The revision was published on July 10, effective for dates of service on or after June 16. Parker H. "Pete" Petit, Chairman and CEO, said, "As we discussed in our shareholder call on April 25, the contractor for Jurisdiction H previously had issued a draft consolidated LCD under which all skin substitutes with a Q-code were eligible for coverage if the case met the medically necessary and reasonable threshold. This LCD was to go into effect on March 27. On the effective date, the draft LCD was rescinded, and the contractor reverted to the previous LCD. The previous Jurisdiction H LCD covered only a few named skin substitutes and did not include coverage for EpiFix. In the update issued on July 10, the contractor has added EpiFix as a covered product. EpiFix was the only product added in that update. We are very pleased that EpiFix has been included in the revised LCD for this Medicare jurisdiction."

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