MiMedx Provides Update on Payment Protection Program Loan


MARIETTA, Georgia, May 08, 2020 (GLOBE NEWSWIRE) – MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging product company Biologics, today announced that it is repaying the Payment Protection Program (P3) loan received as part of its application to the federal relief effort. As previously announced, the funds have enabled the Company to maintain full employment during a time of widespread uncertainty, producing skin graft products for patients with severe wounds and burns.

Like other companies, including those operating in the healthcare industry, the Company’s business has been adversely affected by the COVID-19 pandemic. As previously announced, the Company has experienced declining sales due to restricted access, both for patients and our field staff, and the cancellation of elective surgeries. The Company has implemented numerous cost control measures, including a temporary gradual reduction in the remuneration of all employees in order to avoid layoffs.

Although registered as a public company, MiMedx is currently delisted from the NASDAQ and does not have access to public markets.

About MiMedx

MiMedx® is an industry leader in advanced wound care and an emerging therapeutic biologic company that develops and distributes human placental tissue allografts with patented processes for multiple healthcare sectors. The Company processes human placental tissue using its proprietary PURION® process methodology, among other processes, to produce allografts using aseptic processing techniques in addition to terminal sterilization. MiMedx has delivered over 1.8 million allografts to date. For more information, please visit www.mimedx.com.

Forward-looking statements

This press release contains forward-looking statements. All statements relating to events or results that may occur in the future are forward-looking statements, including, without limitation, statements regarding the repayment schedule of loans and the effect of the pandemic of COVID-19 on the Company’s Financial Results. Forward-looking statements can generally be identified by words such as “expect”, “will”, “intend”, “seek”, “target”, “the future”, “plan”, “continue”, “”, “” Could “,” would “,” could “,” anticipate “,” be “and similar expressions. These statements are based on numerous assumptions and involve known and unknown risks, uncertainties and other factors which could significantly affect the operations of the Company and may cause actions, results, financial position, the actual performance or achievements of the Company will differ materially from any action, future earnings, financial position, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause such a difference include, but are not limited to, those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Unless required by law, the Company does not intend and assumes no obligation to update or publicly publish a revision of any forward-looking statement, whether following receipt new information, the occurrence of subsequent events, a change in circumstances or otherwise. Each forward-looking statement contained in this press release is specifically qualified in its entirety by the foregoing factors. Readers are urged to read this press release carefully in conjunction with the important warnings set forth above before drawing any conclusions or making investment decisions and not to place undue reliance on forward-looking statements, which only apply. as of the date of this press release.

Contact:

Hilary dixon
Investor Relations and Corporate Communication
770.651.9066
investor [email protected]

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