MiMedx Group Inc (OTCMKTS: MDXG) is making a highly explosive move up the charts leading the OTCBB in trades in recent days. The stock hit the OTCBB on November 8 after having its shares suspended by NASDAQ. MDXG hit a low of $2.18 on Friday before rocketing up the charts.
Prior to landing on the over the counter NASDAQ had approved continued listing through February 25, 2019, in order to allow it to regain compliance with its SEC reporting requirements, but MiMedx said it would not be able to do so since it has to complete an assessment of revenue recognition for all of its sales, extending the timeline past February. On November 13 MiMedx released a NT 10-Q.
MiMedx® is a leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. The Company processes the human placental tissue utilizing its proprietary PURION® process methodology, among other processes, to produce allografts by employing aseptic processing techniques in addition to terminal sterilization. MiMedx has supplied over 1.3 million allografts to date.
MiMedx Group is a leading supplier of allografts processed from amniotic tissue, having supplied over 700,000 allografts to date for application in Wound Care, Burns, Surgery, Orthopedics, Spine, Sports Medicine, Ophthalmology and Dentistry. Ther amniotic membrane products include the brands, AmnioFix and EpiFix, as well as products that they supply on a private label or “OEM” basis. The Company continues to research new opportunities for amniotic tissue, and currently have several additional offerings in various stages of conceptualization and development.
To Find out the inside Scoop on MDXG Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
According to Chairman Charles Evans “Innovations in Regenerative Biomaterials” is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies include the device technologies HydroFix® and CollaFix™, and tissue technologies, AmnioFix® and EpiFix®. Our tissue technologies are processed from human amniotic membrane that is derived from the donated placentas. Through our donor program, mothers delivering full-term Caesarian births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® Process to produce a safe, effective and minimally manipulated implant for homologous use. MiMedx® is the leading supplier of amniotic tissue, having supplied over 100,000 implants to date to distributors and OEMs for applications in the Ophthalmic, Orthopedic, Spine, Wound Care, and Dental sectors of healthcare. Our platform technologies, AmnioFix®, EpiFix®, HydroFix® and CollaFix™, have such a vast number of potential applications in treating traumatized tissue and structures that it is difficult to accurately quantify. MiMedx Group is focused on commercializing multiple applications of all four technologies. In parallel, we are seeking strategic relationships to more rapidly commercialize our technologies.
On November 7 MDXG announced its Board of Directors has unanimously authorized the adoption of a limited duration shareholder rights plan following receipt of notification from The Nasdaq Stock Market LLC indicating that Nasdaq will suspend trading in the Company’s stock effective at the open of business on Thursday, November 8, 2018.
Charles R. Evans, Chairman of the Board, said, “The Rights Plan provides the Board with appropriate time to make informed decisions that are in the best long-term interests of MiMedx and our shareholders. This does not prevent us from considering any offer that is fair and maximizes value for our shareholders.” We will be updating on MDXG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MDXG.
Sign Up now for our 100% FREE Penny Stock Newsletter
Disclosure: we hold no position in MDXG either long or short and we have not been compensated for this article.