MARIETTA, Ga., Dec. 27, 2016 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading regenerative medicine company utilizing human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for the Wound Care, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic, and Dental sectors of healthcare, today announced that the Company's EpiFix® product has received coverage from insurer Aetna Inc. effective December 23, 2016.
With this coverage decision, the approximately 17.5 million Aetna commercial members now have coverage for EpiFix. Aetna considers EpiFix medically necessary for treatment of partial and full-thickness neuropathic diabetic foot ulcers (DFUs) that are greater than six weeks in duration with no capsule, tendon or bone exposed, when used in conjunction with standard diabetic ulcer care.
Parker H. "Pete" Petit, Chairman and CEO said, "We are very pleased to have received coverage from Aetna and with the significant progress we have made in gaining coverage for our allografts from both the commercial, as well as the federal and state payers. We believe we have substantial opportunities ahead as we continue to grow our advanced wound care products and broaden the other therapies and market sectors we serve with our allografts. Gaining coverage from all commercial payers has been a critical strategy for MiMedx. From our viewpoint, attainment of EpiFix coverage for the vast majority of the commercial covered lives has been a significant contributor to the success we have experienced in achieving and exceeding our growth projections."
Bill Taylor, President and COO, stated, "The clinical efficacy and cost effectiveness of tissues and products are heavily scrutinized by the commercial health plans. It is clear to us that the evidence demonstrating that our allografts benefit their members clinically, as well as provide more cost effective care, has been a significant factor in our success in attaining coverage awards from insurers. We know the positive clinical and economic impact our allografts have on their covered populations, and we are always pleased when health plans come to this same conclusion."
"Including Aetna, we now have over 200 commercial health plans representing more than 198 million covered lives providing insurance coverage. Within the more than 200 commercial health plans, Blue Cross/Blue Shield plans encompassing 47 states plus the District of Columbia also provide insurance coverage for their members. In addition to the commercial health plans, 40.3 million Medicare and 55.4 million Medicaid beneficiaries have insurance coverage for our allografts," concluded Petit.
MiMedx® is an integrated developer, processor and marketer of patent protected and proprietary regenerative biomaterial products and bioimplants processed from human amniotic membrane and other human birth tissues, such as amniotic fluid, umbilical cord and placental collagen, and human skin and bone. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human amniotic membrane utilizing our proprietary PURION® Process, to produce a safe and effective implant. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of amniotic tissue, having supplied over 700,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the belief that there are substantial opportunities ahead for the Company, attainment of EpiFix coverage for the vast majority of commercial covered lives has been a significant contributor to the Company's success in achieving and exceeding growth projections, and the Company's belief that a significant factor in its success with attaining coverage awards from insurers is that its allografts benefit members of health plans clinically as well as provide more cost effective care. These statements are based on current information and belief, and are not guarantees of future performance. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include opportunities for growth may not materialize as expected, provider usage may change due to multiple factors, insurance coverage for EpiFix may not be a significant contributor to the Company's success in achieving and exceeding growth projections or may have no impact at all, reimbursement is always subject to change and may therefore impact cost effectiveness of care, and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2015, and its most recent Form 10Q filing. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
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SOURCE MiMedx Group, Inc.
Michael Senken, Phone: (770) 651-9100; Investor Contact: COCKRELL GROUP, Rich Cockrell, 877-889-1972, firstname.lastname@example.org, cockrellgroup.com