MiMedx cannot recoup $40.2 million from two former executives convicted in a scheme to defraud the company and its investors, a federal judge has ruled. “MiMedx is not a “victim” under federal law and is therefore not entitled to recover restitution from either man, Manhattan U.S. District Court Judge Jed Rakoff wrote in a ruling […]
MiMedx Group Inc.
MiMedx slides before hours on mixed bag Q1 results
MiMedx (NSDQ:MDXG) posted first-quarter results that beat the earnings consensus and were in line with revenue estimates on Wall Street. The Marietta, Ga.-based company reported losses of -$8.4 million, or -9¢ per share, on sales of $59.9 million for the three months ended March 31, for a sales loss of -2.87% compared with Q1 2020. […]
MedTech 100 Roundup: Small slide continues
On the back of several weeks of new records and strong performances, the medtech industry has finally hit a snag in its recent ascent. MassDevice‘s MedTech 100 index ended the week (Feb. 26) at 106.65 points, marking a 1.9% dip from the 108.72-point mark set one week before (Feb. 19). This highlights a similar drop from […]
Former MiMedx COO given same prison sentence as CEO for fraud scheme
Ex-MiMedx chief operating officer William Taylor was sentenced to one year in prison for his involvement in a fraud scheme. Taylor’s sentence matches the one handed down to former CEO Parker Petit yesterday. Both were convicted of crimes related to the fraud schemes involving distributors. In addition to his one-year prison term, Taylor will have […]
Former MiMedx CEO sentenced to year in prison for fraud scheme
Ex-MiMedx CEO Parker Petit reportedly received a year-long prison sentence after a conviction for a fraud scheme involving the company. Reuters reported that U.S. District Judge Jed Rakoff in his decision yesterday cited Petit’s age (81 years old), his current diagnosis of bladder cancer and history of charitable work as reasons that the sentence is […]
Jury convicts ex-MiMedx execs in fraud case
Two former executives of MiMedx were convicted today on charges in an alleged fraud scheme involving distributors, according to federal prosecutors. A Manhattan jury rendered the verdicts against former CEO Parker H. “Pete” Petit and former COO William C. Taylor, whom federal prosecutors claimed had entered into undisclosed side arrangements with five distributors. These side […]
MiMedx appoints chief commercial officer
MiMedx recently announced it has appointed Rohit Kashyap as executive VP and chief commercial officer. Kashyap has more than 20 years of medical device experience. He most recently served as president of global commercial at Acelity. He has held a number of leaderships at Acelity since 1998. “MiMedx is a pioneer in the development of […]
MiMedx appoints new CFO
MiMedx recently announced that it appointed Peter Carlson as chief financial officer, effective March 19. Carlson previously served as the company’s executive VP of finance and joined MiMedx in December last year. “I am extremely pleased to have Pete Carlson on board and appointed as our chief financial officer,” CEO Timothy Wright said in a […]
MiMedx agrees to $1.5 million settlement in fraud case
Embattled biotech company MiMedx has agreed to pay $1.5 million to settle federal charges that it and three former top executives allegedly defrauded investors, the Securities and Exchange Commission said today. The SEC alleges that from 2013 to 2017, Marietta, Ga.-based MiMedx and those executives misstated the company’s revenue and attempted to cover up their […]
Innoblative taps ex-Lumicell chief Londy for CEO | Personnel Moves, Sept. 13, 2019
Innoblative Designs last week named former Lumicell chief executive Kelly Londy as its new CEO. Apart from her two-year stint at the Lumicell helm, Londy was COO at Accuray (NSDQ:ARAY) and worked at GE Healthcare and Philips Healthcare. “Innoblative’s Sira RF ablation device offers unique capabilities that address shortcomings in the current advanced energy surgical market,” […]
Biomet vet Serbousek to succeed Mason as Orthofix CEO | Personnel Moves, August 13, 2019
Orthofix (NSDQ:OFIX) last week named a successor for president & CEO Brad Mason in November, tapping Jon Serbousek as president of its spine business effective August 5. Mason is slated to retire Oct. 31; Serbousek, a 30-year medtech veteran with stints at Biomet, Medtronic (NYSE:MDT) and Johnson & Johnson (NYSE:JNJ) unit DePuy Orthopaedics, is due to […]
