MiMedx (NSDQ:MDXG) enjoyed a rare spot of good news when a federal judge in Maryland this week dismissed a trade theft and breach-of-contract lawsuit brought by Osiris Therapeutics over MiMedx’s Stability Biologics acquisition. Columbia, Md.-based Osiris said it inked a distribution deal back in 2013 to have Stability sell a pair of its products through the end of 2015. But after […]
MiMedx accounting firm quits
The troubles at MiMedx (NSDQ:MDXG) continued last week with the resignation of the accounting firm tapped to audit its books in the wake of a financial scandal. Marietta, Ga.-based MiMedx last July ousted ex-CEO Parker Petit and president & COO William Taylor amid a board-directed independent investigation that had already prompted the departure of CFO Michael Senken and treasurer John […]
MiMedx to lay off 24% of workforce in restructuring effort
MiMedx (NSDQ:MDXG) said yesterday that it plans to eliminate 24% of its total workforce as part of a larger overall plan to reduce cost and improve efficiency. The Marietta, Ga.-based company said that it plans to eliminate 240 full-time employees, with approximately half of those cuts coming from the salesforce. The plan also includes reducing costs […]
Report: MiMedx held lower-cost grafts from federal hospitals
MiMedx (NSDQ:MDXG), already embroiled in an internal accounting snafu and several federal probes, reportedly held from government hospitals some of the lower-cost products it made available to private hospitals. In limiting its regenerative wound care offering to U.S. Veteran Affairs Dept. and other federal caregivers, Marietta, Ga.-based MiMedx ran up the tab on taxpayers, the Wall […]
Ex-MiMedx brass blast back
Some of the former top brass at MiMedx (NSDQ:MDXG), who were let go over the summer for what the company later determined to be “for cause,” said that their ousters were part of an out-of-control internal investigation. Last week MiMedx, which makes regenerative and therapeutic biologics using human placental tissue allografts, said a probe into its accounting practices […]
MiMedx: Ouster of top brass was for cause
MiMedx (NSDQ:MDXG) said yesterday that the ouster this summer of four top executives was “for cause” after a probe into its accounting practices turned up “conduct detrimental to the business or reputation of the company.” Marietta, Ga.-based MiMedx makes regenerative and therapeutic biologics using human placental tissue allografts. Last July CEO Parker Petit and president & COO […]
MiMedx top brass resign amid internal accounting investigation
MiMedx CEO Parker H. “Pete” Petit and COO and President William C. “Bill” Taylor have resigned as a board-directed independent investigation continues into accounting practices, Marietta, Ga.–based MiMedx (Nasdaq: MDXG) announced today. Petit and Taylor’s exit comes after recent departures of MiMedx’s CFO and corporate controller and treasurer. In addition to the resignations of top brass, the […]
Osiris levels $7m trade theft, breach-of-contract suit against MiMedx over Stability Biologics deal
Osiris Therapeutics leveled trade theft and breach-of-contract charges worth nearly $7 million against a regenerative medicine rival, stemming from the Stability Biologics acquisition by MiMedx (NSDQ:MDXG). Columbia, Md.-based Osiris said it inked a distribution deal back in 2013 to have Stability sell a pair of its products through the end of 2015. But after MiMedx paid $10 million for […]
MiMedx wins FDA regenerative med status for AmnioFix
MiMedx (NSDQ:MDXG) won regenerative medicine advanced therapy status from the FDA for its injectable osteoarthritis drug, AmnioFix, the company announced this week. The U.S. regulatory watchdog told MiMedx that the company provided sufficient preliminary evidence that AmnioFix could address unmet needs for patients with osteoarthritis of the knee. Get the full story at our sister site, […]
MiMedx shares tumble on internal accounting investigation, delayed 2017 earnings
MiMedx (NSDQ:MDXG) shares have lost nearly a third of their value today after the company announced it is delaying the release of its 2017 financial results due to an internal investigation into alleged issues with sales and distribution practices at the company. The Marietta, Ga.-based company said that its board’s audit committee has tapped a group of […]
MiMedx settles former employee breach of contract suit
MiMedx (NSDQ:MDXG) said today it agreed to a confidential lawsuit settlement with former employee William Mills, who the company previously alleged broke contract by selling another company’s medical products while employed at MiMedx. The Marietta, Ga.-based company said that Mills voluntarily resigned from his position in January this year, and that the lawsuit was a “dispute solely […]
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