MiMedx (NSDQ:MDXG) said today that its board of directors adopted a new “comprehensive plan” to refresh its board composition in cooperation with major shareholder Prescience Point Capital Management.
CEO Timothy Wright, who moved into the corner office earlier this month, will be added to the board, the Marietta, Ga.-based company said. In addition, class II and III of the board will consist of entirely new directors after its 2019 shareholders meeting.
MiMedx said the newly agreed to refreshment plan includes the promotion of three of Prescience Point’s nominees, including. Sarepta Therapeutics chair M. Kathleen Behrens, who the company expects will be named chair of MiMedx as well.
Other members that will be appointed or nominated for election are Richard Barry, James Bierman, K. Todd Newton and another director who will be recruited by the company and Prescience Point.
“The MiMedx board and the current senior leadership team have been working tirelessly to address the fallout from the actions of the prior senior management team and get the company back on track. Now that we have made substantial progress on these fronts, it is time to begin the board transition and refreshment process. We are pleased to have worked collaboratively with Prescience Point to identify and add new directors who bring exceptional experience and track records to MiMedx. With the audit committee’s investigation complete and a plan to refresh the board in place, the company is now in a position to focus on its future and enhance its business, for the benefit of all stakeholders,” board chair Charles Evans said in a press release.
“We welcome the comprehensive plan to refresh the board, and we look forward to MiMedx’s future under new leadership. We are pleased that our cooperation has resulted in a reconstituted board, with the addition of six new directors with valuable industry experience, relationships and reputational capital. We invested in MiMedx because we believe the company has immense potential as a leader in advanced wound care and therapeutic biologics. We believe MiMedx is on the path to unlock substantial shareholder value and secure a thriving future for the company,” Prescience Point managing partner Eiad Asbahi said in a prepared statement.
MiMedx said that it plans to file its preliminary proxy materials for its 2018 annual meeting today.
MiMedx is fighting a proxy battle with former CEO Parker Petit, after the ouster last year of Petit and president & COO William Taylor and a board-directed independent probe that had already prompted the departure of CFO Michael Senken and treasurer John Cranston.
